Why are entrepreneurs important to market economies?

Question

What will be an ideal response?

Answer 1

Markets—places where buyers, sellers, and producers engage in exchange of commodities and services—are the foundation of economic life. All over the world, including all of the most developed countries, the vast majority of goods and services are provided through economic markets. It is fair to say that almost every arena of social life today has a market attached to it. Entrepreneurs—people who invest in and start businesses—are constantly inventing new markets to sell goods and services to potential buyers. Without entrepreneurs, market economies would lose an important driver of economic growth and innovation. For example, in recent years, a whole range of new services for pets has been introduced, including doggie day cares (places where you can drop your pet off to be watched and entertained by a human staff while you are at work), dog-walking services (a dog-walking professional comes to your house or apartment and walks your dog a couple of times a day), animal psychologists (who offer to help your pet with their emotional life), elaborate dog grooming services (to make dogs look their best), and other such services.
Other examples show that markets and market ideas, thanks to entrepreneurs, are increasingly penetrating areas of social life that were once considered outside of the market domain. Specialists now exist to provide services such as helping people find lovers, "nameologists" to help parents name their children, even "wantologists" to help people figure out what it is they want out of life.