1. Role of Producers & Consumers in a Market Economy EPF2c. The Role of Entrepreneurs

2. Essential question: What are entrepreneurs and what is their role in the market economy? 2

3. Entrepreneurs Definition: people who take calculated risks in order to start new businesses and develop innovative products and processes They accept the risk of organizing resources to produce goods and services They expect to earn profits 3

4. Essential question: What are important incentives for entrepreneurs 4

5. What are incentives for entrepreneurs? Profit is an important incentive that leads entrepreneurs to accept the risks of business failure. Independence in decision making is also important (meaning entrepreneurs like to make their own decisions) 5

6. Essential question: How do entrepreneurs benefit society? 6

7. How do entrepreneurs benefit society? The introduction of new products and production methods is: an important form of competition: by bringing new goods and services to market or delivering products in innovative ways and is a source of technological progress and economic growth 7