Economic Growth

Entrepreneurship

Standard of Living

Trade & Globalization

Terms & Theory

Every day, individuals make decisions, big and little, that affect how our economy functions and grows. Important decisions are made by entrepreneurs who establish and run all kinds of businesses—from a dog-walking service to a corner grocery store to a small manufacturing facility to a multi-plant corporation. Entrepreneurs make decisions about

• what service or product to produce;
  
  
• what method to use to produce the product or service;
  
  
• how to finance production; and
  
  
• how to market or sell the product or service.

Over time, as a result of these decisions, we are able to produce more and better goods and services, and produce these goods and services more efficiently.

Features

Profiles of Economic Decision-Makers*
Read the profiles of three New England entrepreneurs whose actions had significant impact on the region’s economy.

Francis Cabot Lowell
Innovative capitalist and visionary textile manufacturer

Colonel Albert Pope
Pioneer in production of bicycles and automobiles

Kenneth Olsen
Pioneer in computer design and networking

Coming soon . . . Enterprising and Innovative New Englanders
Inspiring stories of more trailblazers and go-getters from the region’s past featured in the new permanent exhibit at the Adventure facility

Related Content
See the Historical Narrative of Economic Growth in New England for more examples of economic decision-making.

Enterprising Women
Women have also played an important role in shaping the landscape of business in New England and in America. To learn about these women entrepreneurs, we recommend visiting the Enterprising Women exhibition web site.


*Written by Albert Barnor, Economic Education Specialist in the Public & Community Affairs department, with Lynn Elaine Browne, Executive Vice President and Economic Advisor, Federal Reserve Bank of Boston

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