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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

Lesson 7 Lesson 7: The Entrepreneur

Presented by: Dr. Tawni Ferrarini
Northern Michigan University

Playlist

  1. The Nature of Entrepreneurial Action, Part 1
  2. The Nature of Entrepreneurial Action, Part 2
  3. The Nature of Entrepreneurial Action, Part 3

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.

Lesson Seven Quiz

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HMW Lesson 7: The Entrepreneur

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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.

Ludwig von Mises

Learn More

h Video

Are Entrepreneurs Modern Day Heroes? With Professor Donna Matias and Learn Liberty

Play Now
h Video

Ludwick Marishane: A Bath without Water (TED Talk)

Play Now
h PDF

James Gwartney et al., Common Sense Economics, pp. 173-191

Read Now
h PDF

Ludwig von Mises, Human Action: A Treatise on Economics, 4.XV.112 - 4.XV.163

Read Now
h PDF

Israel M. Kirzner, How Markets Work: Disequilibrium, Entrepreneurship and Discovery, pp. 31-53

Read Now
h PDF

In Defense of Profits by Dr. Timothy G. Nash, Northwood University

Read Now

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How Markets Work

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