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 …
The Means-End Chain
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 …
1. Peter Klein on Means and Ends
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 …
Introducing Economics for Entrepreneurs
The Mises Institute is launching a new podcast with the title Economics For Entrepreneurs. Why should you listen? The entrepreneur is the central hero in the dynamic order of Austrian …
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Where’s The Profit In Digital Innovation? It’s In Reduced Transaction Costs.
Economists tend to use weird and unhelpful language. One of their terms is Transaction Costs and these things are really important. They’re the reason why firms exist at all, and they’re the reason …
Entrepreneurs Bring Economic Progress – Which Is Far More Important To People Than GDP Growth.
Economists tend to represent economic growth as growth in the level of income and of GDP. But economic progress is far broader than that, and to focus on GDP growth is to ignore the most important …