economics review
The Next Millionaires is by Paul Zane Pilzer. His bio from the back of the book is: "Professor Paul Zane Pilzer has served as economic advisor to two U.S. presidents and is world renowned as a leading predictor of economic catalysts and trends. He is author of five bestselling books, including Unlimited Wealth, The Next Trillion and The Wellness Revolution; his books have been published in 24 languages. Pilzer has started several entrepreneurial businesses--earning his first $1 million before age 26 and his first $10 million before age 30. Over the last two decades, he has started and/or taken public five companies in the areas of software, education and financial services."
This review of The Next Millionaires is done in two parts. The reason is this book is a motivating and valuable resource for Internet based Network Marketers and anyone considering a home-based business on the internet. I didn't want to dilute the message more than necessary. This portion of the review is of the first chapter.
In the first chapter, Pilzer deals with several myths about the economy and entrepreneurship:
Myth: Oil Supplies are dwindling--the economy's days are numbered.
We will never run out of resources because we continually invent new ones.
Myth: Unemployment is up; the economy is in bad shape.
This book was written in 2006 before our current financial crisis and uncertainty. Pilzer argues that unemployment (which is painful for many people) also signals that the economy is growing--we are "disengaging the workforce from less productive businesses to be retrained for work in newer and more productive industries." He likens it to when workers left the farms for factories and later the factories for retail businesses.
It will be a period of highly selective prosperity--those who are quickest to adapt to new technologies and new markets will be positioned to take advantage of growth.
Myth: Globalization of the economy is wreaking havoc on America.
America is leading the way in new and emerging industries. When jobs go overseas, the profits stay here. Those profits go on to fund new projects and growth.
Myth: Internet is yesterday's news.
The internet is revolutionary economically and is just in the beginning stages.
Myth: Going into business for yourself is risky.
It is actually safer to go into business for yourself now than it is to work for a corporation. An entrepreneur is able to be more competitive than the large corporations.
Myth: It is harder than ever for the individual entrepreneur to get ahead.
"It is now the Age of the Entrepreneur." Both the reworked tax laws and technology favor entrepreneurs. Home-based businesses are a trend that is one of the fastest growing.
Pilzer goes on to expand on the Age of the Entrepreneur. For those who participate it can mean personal wealth, benefits for moral and family values, and enjoying the freedom of owning your own business. Direct selling allows entrepreneurs to participate in an established business while still owning their own business. Pilzer argues that U.S. household wealth will grow to $100 trillion by 2016 and that during that same period ten million new millionaires will be created.
Finally, at the end of chapter one, Pilzer discusses that the Small Business Association reports (in 2006) that small businesses are responsible for half the nation's output and home-based businesses account for half of all small business.
In years' past, corporations made the money--entrepreneurs didn't have a chance. But now entrepreneurs are in a great position to claim a piece of the pie--$10 trillion represents ten million new millionaires.
Pilzer writes a very encouraging book on Network Marketing and the possibilities for growth. My next article will review the rest of the book The Next Millionaires by Paul Zane Pilzer.
Jennifer Wirt is expert in Network Marketing...
http://www.netmavenextra.com
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What is an example of unitary elasticity?
Not a homework question, just reviewing some economics and attaching examples to the elasticity definitions, but can't for the life of me figure out a real world example for unit elasticity...anyone?
%change in demand over % change in price=1
example we increase the price of ice cream from USD1 to USD1.05. Because of increased price we used to sell 200 ice creams a day, now we sell 190 ice-creams a day....
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