I completely agree with the points you stated in the beginning of this essay. I never fully understood how pricing works when you are an entrepreneur. So much production is put into place when making the product, and this helps us understand the pricing of the product.
Bylund talks a little bit about the Four Factors of Production which I have actually been learning about in my Microeconomics class. There's Land (natural resources), Labor (an effort that humans contribute), Capital (machinery), and lastly Entrepreneurship (combines all land, labor, and capital).
When learning how a product is made I did not know there was a specific term for all of the steps. The four factors of production helped me understand more completely what all needs to happen in order for a product to be produced. I realized that producing a product you make is not as simple as it seems. Without these four factors people would need be able to get some of the necessities they need in order to live.
I agree with what you said about uncertainty. I feel like when you are an entrepreneur the biggest risk is the unknown. The market is constantly changing so it's hard to predicate if your product will do well or not. Uncertainty also causes for people to not know how production will go for their product. Will all this uncertainty I agree with your statement about how most people would rather be employees than an entrepreneur. Many people today would rather stay in safe work space than take risks with their career.
I agree with the point you brought up about prices are considered base off of demand. For example, when covid first hit America toilet paper was in high demand because people were fearful of how long they would have to stay in their homes for. This demand for toilet paper caused prices to rise and to this day are still rising even after covid. The economy is constantly going back in forth on what is high demand and what is not. This problem causes prices to fluctuate as the economy is changing. This essay was a great read and helped me better understand the readings once I read your view point. It's crazy how the economy is never the same and prices are always changing. It was interesting to read about how prices are not just picked at random, and each price of a product has a specific reasoning behind it.