Entrepreneurship and Competition

The entrepreneur is the driving force of a market economy. This is because he creates products, prices and wages. The competition (other entrepreneurs) ensures that the prices aren’t too high and the wages aren’t too low. If he put high prices on his products, customers would most likely go to another entrepreneur. If his wages were too low, his workers would go work somewhere else. It is also important for him to always innovate his products to stay on the top.

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