As you stated, there is way more going into figuring out the pricing of a good besides just "baking the bread". Before reading this paper, I did not understand the full four components that go into making a product. There is the land which gives natural resources, wood, coal, water, dirt, etc. There is labor, the process of putting the products process in action. Capital, the machinery that is capable of producing a product in mass, and lastly, entrepreneurship. The process of putting the product from the prototype to selling on selves. No product in the economy that you see was brought to shelves without all four of these components. I agree that entrepreneurship is full of uncertainty. Like the story you talk about with Adele producing apples, she was unaware of the uncertainly of the weather and animals. Like you stated, she might have learned there is too much uncertainty for her to peruse her entrepreneurship but is still capable of being employed rather than owner. Having come experience in retail like you, I think the biggest struggle is
We always want to make reasonable prices for the consumers in order for them to feel like they are gaining value from what they are purchasing, however, we still are needing to make a profit from them.
From my experience, figuring out a price to where the consumer feels like they got a good deal, but not good enough to where I made no profit, is one of the hardest segments to entrepreneurship. I agree that the market changes non-stop. One day eggs are $2.50, the next, $6. But as you stated, the great entrepreneurs are able to adopt to these changes and meet the customer needs no matter what the market looks like. For example, Nike is able to produce shoes or clothing for a cheaper price for those who are struggling financial. Entrepreneurs would rather lower there expectations rather than loose customers. Being able to adapt to the economy while maintaining their expectations is key. I agree that communication needs to be present when it comes to pricing objects. You must be able to see what products have "more value", and what is considered in demand. If you are creating a backpack with a ton of zippers, but minimalist style is in, then you needs to account for that and price your product accordingly. You must be in touch with trends and the economy if you want to keep up.