Role of the Entrepreneur

1
Role of the Entrepreneur

• Very important person in economy
• Organizes and manages factors of production
• Starts new businesses
• Motivated by profit incentives

2
Role of the Consumer

• Consumers help determine which products are
  produced
• If consumers reject the product firm may go out
  of business
• Consumer sovereignty-describes role as ruler of
  market

3
Role of the Government

• Government-national, state, or local has a role
  to reflect the desires goals of its citizens

4
Governments Roles

• Protector-the U.S. enforces laws against false
  advertising, impure food and drugs, environmental
  hazards, and unsafe automobiles.

5
Governments Roles (continued)

• Provider and Consumer-national government
  protects all citizens (national defense)
• State governments provide education and public
  welfare
• Local governments provide parks, libraries, bus
  services, etc.

6
Governments Roles (continued)

• Regulator-government protects competition in the
  marketplace.
• It oversees interstate commerce, communications,
  industries such as banking and nuclear power.

7
Governments Roles (continued)

• Promoter of National Goals-government reflects
  the will of a majority of people
• People are able to achieve economic goals