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managerial models of the firm (L2) Explanations of the behaviour of a FIRM according to its dominant aims. The various aims assumed include sales maximization, PROFIT MAXIMIZATION, MANAGERIAL UTILITY FUNCTION MAXIMIZATION and maximization, of the rate of growth of the firm. It has been argued that the passing of the control of firms from shareholders to managers has been responsible for a change of aims. However, some Marxists argue that the aims of firms essentially remain the same as shareholders and managers have similar socioeconomic backgrounds.<br /><em>Reference</em><br />Marris, R. (1964) The Economic Theory of Managerial Capitalism, London: Macmillan.
<strong>CFR</strong> – Code of Federal Regulations. The regulations from the U.S. Department of Education relating to the federal student aid programs are codified in Volume 34. Part 668 governs the student assistance general provisions. Part 682 regulates the FFEL Program.
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industrial training grant (I2, J2)<br />A payment made by central government or by a fund financed by the firms of an industry to pay for vocational training. Without such grants it would be difficult for many small firms to finance adequate training and there would be a tendency for firms undertaking little training to attempt to acquire trained workers by paying above-market wage rates. In a period of great technological change, industrial training has become central to the survival and successful future of many firms.<br /><em>See also:</em> general training
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