Using your economic knowledge and the information you learned about Jeff Bezos, compose a well-written three-paragraph biography about him that illustrates the importance of the US market-based economy in the entrepreneur’s success. ASAP

Concept of economic knowledge.

As per the concept of economic knowledge jeff Bezos a former chairman of the amazon company is an entrepreneur, engineer, and commercial astronaut. He holds a net worth of US$196 bn as of 2022. He is the second wealthiest person in the world.

Thus the answer is he had led the US economy to new heights.

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Jeff Bezos was born in Alburquerque, New Mexico, in 1964. He graduated from Princenton in Computer Science and Electrical Engineering. He worked several jobs after graduation, and shortly before founding Amazon, he worked in the Banking industry.

He obtained a loan from his parents to set up Amazon, but it was the initial public offering that provided him with the needed capital to start the business. In the United States, capital markets are well-developed, and entrepreneurs, like Jeff Bezos, often turn to these markets to find investors who willingly pool their money in the start-ups, with the hope of obtaining high returns in the future.

With time, Amazon went from selling books online, to selling merchandise, food, appliances, and even jewelry. Because the United States has a market-based economy, competitive companies, that offer better services, and lower prices, are favored by customers, and rise above the competition. This is what happened with Amazon: it became the largest online retailer in America by offering a better services, at lower prices.

the underlined phrase is an example of : understatment

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