Introductory Economics

Cover Introductory Economics
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One business man may, however, show greater enter- prise than others in adopting new methods as soon as they appear. By the time that any particular invention has be- come the common property of the industry, the more enter- prising business men have introduced some new method, from which they are able to derive profits for a time, until this method, too, becomes the common property of the in- dustry. Thus an able enterpriser may secure a permanent flow of profits from a series of improvements
...of method, although the profits from each successive improvement are quickly annihilated by competition.
One business man may have greater skill than another in selecting workmen and in maintaining harmonious rela- 206 INTRODUCTORY ECONOMICS tions with them; in deciding just what grade of the com- modity which he produces will best suit the needs of the purchasing public ; in determining the proper proportions in which to combine materials in the production of commodi- ties of ephemeral demand. Advantages that are secured in this way have a certain degree of permanence.


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