Lesson 7 Lesson 7: The Entrepreneur
Presented by: Dr. Tawni Ferrarini
Northern Michigan University
The Nature of Entrepreneurial Action
Profit. It is one of the most controversial economic concepts. Risk. It is one kind of action most people admire. Profit and risk come together in the person of the entrepreneur. In this lesson we will go beyond the myths and learn the benefits everyone derives from entrepreneurial activity.
Ludwig von Mises
The specific entrepreneurial function consists in determining the employment of the factors of production. The entrepreneur is the man who dedicates them to special purposes. In doing so he is driven solely by the selfish interest in making profits and in acquiring wealth. But he cannot evade the law of the market. He can succeed only by best serving the consumers. His profit depends on the approval of his conduct by the consumers.
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