Tag Archives: entrepreneur

Prices of Factors of Production

Chapter 9 of Shawn Ritenour’sĀ Foundations of EconomicsĀ deals with something readers might think was already covered sufficiently in the earlier chapters on market prices: prices of factors of production. This is the final category of income received by market participants (in … Continue reading

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Interest and Profit

Marxists, beware. In Chapter 8 of Foundations of Economics, Shawn Ritenour explains how the economic phenomena of interest and profit, both of which are anathema to the socialist Left, are natural and necessary features of life in a division-of-labor economy. … Continue reading

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Production, Capital, and Income Maximization

In Chapter 7 of Foundations of Economics, Shawn Ritenour gets into capital theory and explains how entrepreneurs try to maximize their income once they have forecast demand for their products. One of the questions I had before reading this book … Continue reading

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