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How Markets Work

5 Units   3H 45M
Parts
  • Introduction
  • The Price System
    • Lesson 1: The Invisible Hand
    • Lesson 2: Economic Choices
    • Lesson 3: Supply & Demand
  • Pre-Conditions for Wealth
    • Lesson 4: Property Rights
    • Lesson 5: Legal Institutions
    • Lesson 6: Virtue
  • The Entrepreneur
    • Lesson 7: The Entrepreneur
    • Lesson 8: The Knowledge Problem
    • Lesson 9: Spontaneous Order
  • Money
    • Lesson 10: The National Economy, Part 1
    • Lesson 11: The National Economy, Part 2
    • Lesson 12: Monetary Policy
  • Economic Growth
    • Lesson 13: Trade
    • Lesson 14: Poverty
    • Lesson 15: The Economic Future

Part 3 The Entrepreneur

Presented by: Dr. Gregory Thornbury
The King’s College

Playlist

  1. Entrepreneurial Discovery and Spontaneous Order

Entrepreneurial Discovery and Spontaneous Order

Entrepreneur is a big word. It’s a big idea, too. Entrepreneurs own or operate a business, and in doing so assume risk. They have a central role in the invisible hand process by which markets provide undirected coordination. They are people who also seek and discover potential value in resources, products, and processes that has not been recognized. They form a business or begin a venture without knowing how it will turn out. When an entrepreneur’s hunch informed by experience works out the entrepreneur earns profit. When the entrepreneur’s hunch is wrong the entrepreneur makes a loss. Part three will examine the indispensable role entrepreneurs play in the economy: and how not only they, but employees and customers of the business share in the value created by the entrepreneur.

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How Markets Work

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