The world is run on individuals making choices and weighting the pros and cons of which action would benefit their wants and needs better than the other choices that they have to choose from. Gambling houses and casinos are examples of what it is like to be an entrepreneur, taking risks and weighting the pros and cons of what to do. Gamblers can bid high and win big or lose big, they can bid low and win low or lose low. Gamblers are bidding on what they think will let them win big and risk their money for the expectations of what will happen if they win the jackpot. Entrepreneurs take bets on what consumers will want to buy so that they can live comfortably.
"They bid for resources using the capital they have at hand, whether their own or invested by others, and bid as highly as they can while still estimating that their venture will earn a profit," (Bylund 2016, p.7).
Individuals change their wants to accommodate what they think would benefit them more than others, such as newer and bigger cars compared to older and smaller cars for families with more children or activities that involve more people than that of smaller families and groups of people.
"Henry Ford's production of automobiles disrupted transportation by offering a reliable means that didn't require ownership of and caring for horses," (Bylund 2016, p.11).
Cars that are more comfortable for longer drives and accommodating to more people are wanted more than cars that can not be sat in for long because of uncomfortable seats and can not fit a lot of people for events that people would rather only use one car for than multiple cars for. Phones are another example because everyone needs a phone that they can carry with them now that some are moving father away from home at earlier ages and can not always be at home to answer the landline phone calls from their family that is either miles or states away from where they are and they can not text them and let their family members know that they are safe and at a friend's house if a storm shuts the power down in the town.
New opportunities for improvement for different aspects of individuals' lives to make their lives more comfortable. Opportunities happen because of the choices that entrepreneurs make to earn a profit from risks. Opportunities can be lost when the entrepreneurs choose the better looking path that might be better or worse depending on the economy.
"...We cannot know what opportunities for improvement to our lives that we could lose by using existing resources to a greater degree," (Bylund 2016, p.12).
The value of objects and services changes daily be it from an individual or a community's point of view of that object or service that is being sold to them. The value will always be changing due to the output that it has, an example is a family heirloom that is being sold at an estate auction, the piece was priceless to the family because of the pieces meaning to the family while to people that did not know the family or the meaning behind the piece is, it is barely worth anything at all in their eyes. The outsiders can discard it easily when they are tired of it but the family it belonged to kept it in the family for years passing it down through the generations.
"Value is never automatic," (Bylund 2022, p.18).
The value of objects is ever changing due to the input that created it or what is can be used for or mean to different individuals and groups. Value of objects relies on the value the beholder has for the object in question.
Different choices change the outcome of projects that entrepreneurs invest their money an time into. Just like in video games and stories gamers choose quests and characters that they feel will help them beat the game in the shortest amount of time or explore the games environment the most between all the different characters, while writers must choose how to make their stories interesting and have people want to buy and read so that they can earn money to live and maintain their style of living that allows them to write stories and books that they want to write. A writer must choose to live the life they want that relies on people or live like others that do not have time for writing, there are always tradeoffs in life because of choices closing the doors of the other choices that were not chosen.
"That the actor must choose implies that he or she must make tradeoffs," (Bylund 2022, p.24).
• Bylund, P. L. (2016). Chapter 1: The How of the Market. In Seen, the unseen, and the unrealized: How regulations affect our everyday lives (pp. 1–14). essay, Lexington Books.
• Bylund, P. L. (2022). Chapter 1: What Economics Is. In How to Think About the Economy: A Primer (pp. 15–20). essay, Mises Institute.
• Bylund, P. L. (2022). Chapter 2: Economic Theory. In How to Think About the Economy: A Primer (pp. 21–26). essay, Mises Institute.
• Bylund, P. L. (2022). Chapter 4: A Process, Not a Factory. In How to Think About the Economy: A Primer (pp. 41–50). essay, Mises Institute.
