Competition and entrepreneurship are analytically inseparable in the market. The entrepreneurial alertness to these hitherto unnoticed opportunities is almost always exercised throughout the economy by many individuals at the same time. It is not the entrepreneurs who are generating the opportunities, but rather alertly responding to opportunities is their function in the market.
The individual, referred to in the economic literature as ‘Homo agens’ is endowed with the propensity for alertness. Alertness is why the market is universally a learning experience and why fresh goals are continually surfacing and why previously unknown resources are discovered.
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