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1. Mises Academy
Principles of Economics
Robert P. Murphy
Spring 2012
May 2
Lecture 3: Entrepreneurship &
Competition, Saving & Investment

2. Entrepreneurship & Competition,
Saving & Investment
I. Entrepreneurship
A. Definitions
B. Competition
C. Marginal Productivity
II. Saving & Investment
A. Definitions
B. Frugal Freddy vs Prodigal
Paul
C. Physical Counterpart

3. I. Entrepreneurship

4. A. Definitions
1. Revenues
2. Expenses
3. Monetary
profits or
losses

5. B. Competition

6. C. Marginal Productivity

7. II. Saving and Investment

8. A. Definitions
1. Income
2. Consumption
3. Saving
4. Investment

9. B. Frugal Freddy vs Prodigal Paul

10. C. Physical Counterpart