--%>

Wealthy entrepreneurs by perfectly assessing consumer demand

Do you agree along with the adage such that "You cannot find rich working for somebody else"? Should successful entrepreneurs serve others to enrich themselves? Can wage earners acquire great wealth without investing? How may you test the accuracy of your answers to such questions?

E

Expert

Verified

Extremely few rich people became therefore as a consequence of being used. Most wealth is produced by serving the demands of others; entrepreneurs commonly become wealthy only by perfectly assessing consumer demands and after that coordinating other factors to convene those needs. The test for that assessment would come through empirical data.

   Related Questions in Public Economics

  • Q : Ownership of major non-labor resources

    I have a problem in economics on Ownership of major non-labor resources. Please help me in the following question. Government ownership of main non-labor resources is the characteristic of: (1) Capitalism. (2) Decentralization. (3) Anarchism. (4) Soci

  • Q : Why is Scarcity existed for human

    Scarcity exists since human desires are: (i) minute relative to the means available to satisfy them. (ii) heavily affected by advertising and wants to “keep up along with the Joneses.” (iii) immoral. (iv) controllable merely through brainw

  • Q : How would be an example of a free good

    An example of a free good would be: (1) a cool breeze upon a hot humid day. (2) DVDs specified as door prizes to the first 100 shoppers at the grand opening of a Best Buy. (3) the care and attention mothers provide babies. (4) trinkets at the Dollar Store that cost me

  • Q : Explain the problem of Self Interest in

    As per the view of humans as Homo economics, individuals: (w) can simply achieve states of whole satisfaction. (x) must learn to get by along with what they have. (y) want to maximize personal satisfaction by self-interested behavior. (z) have fewer requirements as th

  • Q : Invisible hand of the marketplace The “

    The “invisible hand” of the marketplace is a term coined by Adam Smith that considers to: (w) government policies to set market prices at equilibrium levels. (x) speculative manipulations which create disequilibrium. (y) a

  • Q : Assignments I want it tomorrow night or

    I want it tomorrow night or before, please.

  • Q : Fundamental categories for economic

    The four fundamental categories for economic resources are: (w) matter, energy, technology and information. (x) wages, rent, interest and profits. (y) land, labor, capital and entrepreneurship. (z) machinery, energy, workers and government.

  • Q : Existence of economic inefficiency

    Economic inefficiency exists while there is: (1) A society suffers through economic inequity. (2) No approach for anyone to gain unless someone else loses. (3) Additional output could be generated at lower cost. (4) Maximum net benefits are acquired f

  • Q : Define decisionsmaking on opportunity

    Decisions based upon opportunity costs are not concerned in a direct way whiles: (i) you fail to buckle up before driving a car. (ii) a brilliant high school graduate works like a rapid food cook in place of attending college. (iii) lightning starts a main forest fire

  • Q : Government as a trustee on nonhuman

    Can someone please help me in finding out the accurate answer from the following question. Government acts as the trustee over nonhuman resources beneath: (i) Laissez-faire capitalism. (ii) Socialism. (iii) Fee-simple property rights systems. (iv) Feu