Coordination

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Chapter 3 in Entrepreneurship and the Market Economy, 2024, pp 62-77 from Edward Elgar Publishing

Abstract: This chapter analyses in detail key economic concepts that are especially relevant to entrepreneurship, such as Pareto-efficiency. It highlights the fact that trade involves the exchange of property rights, but not necessarily a physical exchange of the products involved. It discusses the role of intermediation in the facilitation of trade. It considers how entrepreneurs extract profit from the intermediation process, for example, by setting a margin between the wholesale price at which they buy and the retail price at which they sell.

Keywords: Business and Management; Economics and Finance (search for similar items in EconPapers)
Date: 2024
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