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.

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

Chapter21: Getting Employees To Work In The Firm’s Best Interests

Section: Chapter Questions

Problem 21.6IP

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