Learn and Practice Economics

Definition: An  entrepreneur  is someone who starts up a business by creating a new product or service that someone else wants to buy. Being an entrepreneur also means being innovative or creative. You will have to have managerial skills, lots of time, and lots of energy. Once you get your great idea, you may have to produce a physical prototype to show others, or you may have to demonstrate your skill or talent on the spot. You will have to be able to work with the government, lawyers, or your parents to accomplish things like applying for a patent, hiring employees, or coordinating with your parents or spouse on matters of health insurance or rental space. You may have to be able to present your ideas, a business plan, or a prototype or working product or service to a potential investor or lender. In the News and Examples Summer Fun: The Economics of the Lemonade Stand , at SocialStudiesforKids.com. You set up shop on a sidewalk or in front of a house or business. You ...

Consumer 1. One that consumes, especially one that acquires goods or services for direct use or ownership rather than for resale or use in production and manufacturing.... Consumer Protection , from the  Concise Encyclopedia of Economics When you buy a good or service, you rarely have perfect knowledge of its quality and safety. You are justifiably concerned about getting "ripped off." Thus the need for consumer protection. Economic activity flourishes when consumers can trust producers, but the consumer must have grounds for trust. Consumers value, then, not only quality and safety, but also the  assurance of  quality and safety. Trust depends on assurance.... Benefit-Cost Analysis , from the  Concise Encyclopedia of Economics Suppose, for example, we wished to evaluate the benefits and costs of a proposal to control air pollution emissions from a large factory. On the positive side, pollution abatement will mean reduced damage to exposed materials, diminishe...