BUSINESS ADMINISTRATION
ENTREPRENEURIAL DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cantillon
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Jan Tinbergen
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J.S.Mill
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None of above
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Detailed explanation-1: -As per a previous study (Burnett, 2000) the term “entrepreneur” was first introduced by the early 18th century French economist Richard Cantillon . In his writings, he formally defines the entrepreneur as the “agent who buys means of production at certain prices in order to combine them” into a new product.
Detailed explanation-2: -The term “ entrepreneur” was applied to business initially by the French economist, Caltillon, in the 18th century, designate a dealer who purchases the means of production for combining them into marketable products.
Detailed explanation-3: -Cantillon described the entrepreneur as someone who uses “judgment, without being able to foresee which [product] will pay the best price” (Cantillon, 1931, p. 55), depending on factors of supply and demand.
Detailed explanation-4: -Entrepreneurs, according to Cantillon, are non-fixed income earners who pay known costs of production but earn uncertain incomes, due to the speculative nature of pandering to an unknown demand for their product.