Where you an entrepreneur during your early school years, or did you know someone who was? Perhaps you didn't have your own store, but maybe you or a friend worked as a babysitter, a news delivery person, or perhaps mowed lawns for families in your neighborhood. While you may not think of these jobs as being small businesses, that is exactly what they are.
Think of yourself, or someone you knew, and answer the following questions in your initial post:
- What type of business did you (or someone you knew) operate? What was the market type (perfectively competitive, monopolistic, oligopoly, monopolistically competitive)?
- How did you decide what price to charge for your services? Did you think the price was worth more than the effort you put into it?
- Think about the competitive situation you faced in the business. Try to determine why the prices received by you or your friend were so low?
- What was the opportunity cost of the business? Was it worth it?
Please be sure to respond to at least three of your peers'' posts and to field any questions and comments we make to your own post.