Principles of Macroeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134421193
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 1.1P
To determine
Three examples of entrepreneurs in the tech industry.
Expert Solution & Answer
Explanation of Solution
The best examples of entrepreneurs in the tech industry are Bill Gates, Paul Allen with Microsoft and Zuckerberg with face book. All these persons are fit for the definition of entrepreneur, because, three of them are managed, controlled all possible risk associated with the business and introduce innovative ideas and concepts for the successful business.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Q-How does profit motive affect innovation and economic productivity? (Pages 43 – 50).
Profit Motive Leads to Innovation and Increased Productivity According to Bruno Leone (1986), “In order to build and maintain a profitable concern, a businessman’s products would have to be needed, well-made, and competitively priced . Moreover, he would be creating jobs and helping to expand the general economy” (18). Profit motive promotes efficiency and productivity in an economy. The investor is constantly seeking new ways to effectively and efficiently provide goods and services to consumer, because, Mises (1986) stated, “Profit and loss are entirely determined by the success or failure of the entrepreneur to adjust production to the demand of the consumers” (40). The behavior of the consumer makes profits and losses occur, and this can result in a change of ownership from those who are inefficient to the efficient ones. Webley (1967) stated, “The successful firms are those that respond to the…
what is entrepreneur? in your own words essay
In 1939, the box office records set by Gone with the Wind and The Wizard of Oz proved to Hollywood studios that investing in Technicolor was worth every penny. Nevertheless, a reversal of fortune hit the film industry as the United States entered World War II. Wartime shortages made celluloid nitrate more costly, so Hollywood studios reverted to primarily black and white. The few Technicolor musicals released only recovered their production costs. The graph shows Metro-Goldwyn-Mayer's (MGM) production of Technicolor movies before World War II. Modify the graph to describe the wartime period for MGM. Assume that nothing changes except the items discussed in the question.
Chapter 3 Solutions
Principles of Macroeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
Knowledge Booster
Similar questions
- What impact do sewing robots have on capital per worker and human capital per worker? What impact does technology have on the use of capital and human capital?arrow_forwardRead the extract below based on Toyota and answer the questions that followTOYOTA MANUFACTURING PROCESS.Toyota will lead the way to the future of mobility, enriching lives around the world with the safestand most responsible ways of moving people. Through our commitment to quality, constantinnovation, and respect for the planet, we aim to exceed expectations and be rewarded with asmile. We will meet our challenging goals by engaging the talent and passion of people, whobelieve there is always a better way.Toyota South Africa is dedicated and committed to supplying the range of vehicles, parts,accessories, and services to meet the requirements of the South African and export markets thatit services and ensuring that products are of outstanding quality, value for money and instil prideof ownership. Based on the basic philosophies through the years the Just-in-Time and, TPS canefficiently and quickly produce vehicles of sound quality, one at a time, that fully satisfy…arrow_forwardBriefly explain the term incremental innovations. Which companies in terms of the size (small, medium, large size) have more economic incentives to produce these?arrow_forward
- Explain why entrepreneur skills are important in our society and To our economyarrow_forwardWhat are the five groups on the diffusion of innovationcurve?arrow_forwardIn the United States, where Internet services are cheap, the ratio of capital to labor used is higher than that of capital used in accounting services. But in other coun- tries, where Internet services are expensive and labor is cheap, it is common to use less capital and more labor than in the United States. Can we still say that Internet services are capital intensive compared to accounting services? Why or why not?arrow_forward
- Entrepreneurship is unique among factors of production because itarrow_forwardWhat is the difference between technology and technological​ change?  A. Technology is the development of new​ products, while technological change is when a firm is able to produce more output with the same inputs.  B. Technology is the process of using inputs to make​ output, while technological change is when a firm is able to produce the sameoutput using fewer inputs.  C. Technology is the development of new​ products, while technological change is when a firm is able to produce the same output with fewer inputs.  D. Technology is when a firm is able to produce moreoutput using the same​inputs, while technological change is the process of using inputs to make output.  E. Technology is the process of using inputs to make​ output, while technological change is when a firm is able to produce more output using more inputs.arrow_forwardAnswer correctly and fast please Which of the following is one of the three factors contributing to high levels of entrepreneurship in the United States? a. Advances in technology b. Social pressure toward traditional employment c. Rapid job growth at large companies d. Limited funding e. Stagnant technologyarrow_forward
- What are the aims of science as a cognitive enterprise?arrow_forwardTRISTAN WALKER is the founder of Walker & Company, which makes health and beauty products for people of color, and Code 2040, which fosters and supports minority engineering and tech talent. A former executive from Twitter and Foursquare, Walker pitched multiple ambitious, high-tech ideas to the venture capitalists at Andreessen Horowitz before discovering a relatively low-tech business that was in front of him all along: the Bevel line of shaving products. On asked about the best advice he ever received he mentioned: Actor and producer Tyler Perry said he realized his potential as an entrepreneur after he figured out that the trials you go through and the blessings you receive in life are the exact same things. The trials you go through are blessings in disguise. It has given me a lot of peace. About his opinions on difficult lessons he learnt on job he said: The importance of authenticity. After leaving Foursquare, I spent seven months as an…arrow_forwardWhat is one negative aspect of technology on productivity?     Technology allows for more products to be made in a shorter amount of time.     Technology allows companies to reduce the cost of making products.     Technology allows for more efficient ways to produce goods. This may lead to the elimination of jobs.     Technology allows for workers to work from home, which leads to fewer call-offs due to illness, inclement weather, or childcare-related issues.arrow_forward
arrow_back_ios
arrow_forward_ios
Recommended textbooks for you
- Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
- Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc