I found your essay very well thought out, and I like the way you break down some of the points Bylund made in his writing. I especially liked that you began your essay with the definition of what the economy is. Like many others, I always thought of the economy as some well-crafted (or poorly-crafted, depending on who you ask) machine that must be maintained by the government or individual industries. However, I think you defined the economy well in the following quote:

"The economy is about how entrepreneurs create services and products to satisfy the needs and wants of consumers. The economy is not a thought-out plan, rather it is something that comes about when humans create and interact with others."

After reading Bylund's writings, it has become more apparent that the economy is merely a reflection of the millions of interactions that occur each day. Whether it is one individual purchasing groceries at a supermarket, or a large corporation signing a deal for millions of dollars of goods, the economy does not control these interactions, it merely reflects them on a larger scale. I found this aspect of Bylund's writings particularly interesting, because I had never personally thought of the economy in this way.

I also enjoyed Bylund's understanding of the supply chain for individual goods, as well as your analysis of this idea. I agree that raw materials are produced, not for any end product, but for those that can (and will) pay the most to turn the materials into a more beneficial good. I enjoyed Bylund's analysis of a candy-maker, who must use steel, sugar, electricity, and thousands of other products created by others (including the coffee that their employees drink on breaks) to create their own goods.

Of course, as you discuss, entrepreneurs must then invest both their time and money into a product that does not exist yet. Because they can not produce their goods until they have the necessary materials, they take on a massive risk that consumers would like to purchase that product at a price that can both pay for the materials purchased and provide a product for the entrepreneur. This risk is even larger when you consider the ever-changing wants of consumers. As you said above, the producers of buggies likely did not realize that cars would make their products all but obsolete in mere decades. Entrepreneurs must always be watchful of new innovations, and be prepared to adapt to these changes, otherwise they could lose massive amounts of money.