The Use Of Terminal And Instrumental Values In Understanding Consumer Motivations. Economists know that consumers make purchase decisions in the context of their subjectively held values. Each individual holds different values. They all have a hierarchy of values – some are more important to them than others – and this internal hierarchy determines how they […]
What is the Means-End Chain Tool and How Should You Use It? Economic principles can be used in business through applications that we refer to as tools. The Means-End Chain tool is an example of a tool that we talked about in Economics for Entrepreneurs Episode 1 with Peter Klein. Customers and consumers act with […]
There are some economic principles that can help entrepreneurs in their business-building endeavors. One is the understanding of ends and means. What ends (goals, objectives) are your customers pursuing, and how do they choose the means to achieve those ends? The customer is in charge of choosing ends, and the entrepreneur takes charge of offering […]
The Mises Institute is launching a new podcast with the title Economics For Entrepreneurs. Why should you listen?
The new era of low transaction cost digital service provision is, in Munger’s telling, a revolution, as significant as the Industrial Revolution in the nineteenth century. Each of us as consumers will have the opportunity to lead more convenient, more efficient, and safer lives.
Progress in one area leads to progress in others. Life gets better. Progress is not brought to us by managers striving for efficiency, but by entrepreneurs developing specialist knowledge about their area of expertise and thereby discovering new opportunities to serve customers better and to make a profit doing so