Basic Entrepreneurial
Economics

By: Sean Williamson and Kai Morgan

Market Economies

A Market Economy is Driven by personal interest. To achieve success, it is crucial to have your customers interested with your product.

Through self interest, producers and consumers decide how to use resources.

Resources

The price of a resource is balanced by what people are willing to pay for a product.

Cheap labor vs. Skilled labor.

It is important to use the resources that consumers expect.For Example: A pair of shoes that is advertized to have leather MUST contain leather.

Supply and Demand

As supply goes up demand goes down.

As supply goes down demand goes up.

There is a constant balance between the two

Our Proposal

Cheap labor = cheaper production = lower prices.

Beckett contract will attract young buyers.

Through the younger buyers, the product will become popular among gift buyers.

The low price can out compete other shoe makers, while the Beckett Signature will make them have more appeal than the next brand in line.

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