To be economically successful, the entrepreneur must combine resources in a manner that increases their value. produce a good that consumers value less than the resources used to produce it. use only personal financial capital to avoid the interest payments that would have to be paid if the money is borrowed from the bank. transform or rearrange resources to maximize the entrepreneur's cost of production.

Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter1: Introduction: What This Book Is About
Section: Chapter Questions
Problem 1.3IP
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To be economically successful, the entrepreneur must
combine resources in a manner that increases their value.
produce a good that consumers value less than the resources used to produce it.
use only personal financial capital to avoid the interest payments that would have to be paid if the money is
borrowed from the bank.
transform or rearrange resources to maximize the entrepreneur's cost of production.
Transcribed Image Text:To be economically successful, the entrepreneur must combine resources in a manner that increases their value. produce a good that consumers value less than the resources used to produce it. use only personal financial capital to avoid the interest payments that would have to be paid if the money is borrowed from the bank. transform or rearrange resources to maximize the entrepreneur's cost of production.
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