This is great work throughout the entire piece! In the first few paragraphs, you thoroughly outlined and connected ByLund's interpretation of market exchange to real world examples of exchange between farmers and local markets. Following this point, you successfully illustrated that our economy is made up of entrepreneurs and businessmen that are consistently making those decisions which directly influence the economy. As outlined in your What is Economics paragraph response, according to Bylund in chapter one of "How to Think About the Economy: A Primer"
Over the past three centuries economics has been about identifying, learning, and understanding the laws by which the economy works. Generally, the economy is thought to be the machinery, inputs, services, and industries that we use and work in. However, that is a simple explanation that is incorrect. (Bylund, 2022, p. 15)
You summarized this first point perfectly. Our economy is the makeup of multiple businesses, and personal interactions between members of our society every day. In my response I outlined that the Economic theory was developed to educate people on the structure and function of our economy. This theory is based on similar principles to the ones you concluded from Bylund’s reading; all human actions come because of purposeful behavior, and all individuals do designated actions to achieve something in mind. These behavioral methods directly sway the global economy. Because our economy is so dependent upon the decisions citizens make, I argue that studying our economy is like studying the psychology of people.
In your Entrepreneurs in the Economy paragraph, you summarized Bylund’s information provided on the outlook of being an entrepreneur. While I think you did a great job in your response, I think we can go even deeper! Entrepreneurs are direct examples of individuals who make up a large sum of our economy by studying their target market and the thought process of consumers. They are looking to invent new products and services that will captivate their consumers. Like you mentioned,
They must take into consideration a lot of factors working against them. As I stated previously, they must anticipate the next thing consumers will want to acquire. They have to be thinking in the future at all times.
Successful entrepreneurs identify their customer's names, age, income, hobbies, tastes, dislikes, and other determining factors to dictate the format of their product. Because they have conducted in depth research on the thought process of their target market, they are able to successfully brand themselves, which contributes to consumers making monetary exchanges with their product. These everyday exchanges between companies and their purchasers are what has made up the economy. Therefore, I have come to the conclusion that those who study the economy also study the psychology of everyday people.
RE: Market, Economy, and Entrepreneurs