I thoroughly enjoyed how the writer opened their essay by explaining how many people may misunderstand the free market or not educate themselves. They seemed to be educated/ have a good understanding as to why people "brush aside" things such as the free market and choose not to learn about it. They then go into the act of free exchange, which is a significant factor in the market.

Fundamental to the market is the idea of free exchange. A free exchange is when any two people swap goods or services.

This is the understanding of Professor Bylund's point of how both parties benefit from free exchange. They should leave better off than how they came, and the writer marks a great outline of this and describes how this works and sometimes does not.

Moving into the economic cost section of the essay is wonderfully put together in the sense of acknowledgment of how it works and runs.

Entrepreneurship can be risky because of how quickly things change. If someone puts a lot of resources and capital into making a product that takes weeks to produce, there is no guarantee that it will be relevant once it is finished. Bylund talks about this phenomenon and how time becomes an important production factor (pp. 8-9, 2016). Any time someone puts resources toward something there is an economic cost that is unseen which is the value those specific resources could have generated had they been used in a different manner.

I enjoyed how he described this section in particular because it gives an excellent overview of how things can change and how production is such a huge factor that ties into the economy. Economic cost significantly affects how the economy runs and grows daily. It can affect the entrepreneur particularly or in a not-so-good way. What we have to remember, and the writer pointed out, is that economics is about making a choice. It took me so long to understand that or even know it. However, I have realized that it is and can be as simple as making a choice.

Entrepreneurship is laced with uncertainty. It is often those that respond to the unexpected with a positive attitude that find success. One way to harness the unexpected is to think outside of the box in an effort to break into a market with a product that changes how something is done or thought about. This "disruptive innovation" revolutionizes the norm of a given industry and sets the standard for future entrepreneurs to reach or exceed. This is a powerful tool for entrepreneurs to harness, but it is also something they must compete against. Bylund stated, "Businesses do not only compete with existing businesses, but also compete with businesses that do not exist yet" (p. 45, 2022).

What I took from this section of the writing is a better understanding of why the entrepreneur is always working and having to produce a product or service that will be desired now and in the future. That is something I have come to learn recently, and I can't get it out of my head; however, I love how my peers have a great understanding of it and talk about it as if they are economists. I couldn't agree more with what my peer states in this section of the writing as he talks about the role of the entrepreneur and how everything comes together within disruptive innovation.

In conclusion, I agree entirely and love how the essay was written and described more thoroughly in how the writer grasps the concepts we read about in the chapters from professor Bylunds book. I enjoy learning about the economy and how entrepreneurs fit into the system. Primarily how they work and constantly have to be innovative to stay in the light of the market to succeed in whatever they are trying to produce.