ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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a shortage of goods and services available to consumers.
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an abundance of goods and services from which to choose.
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Either A or B
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None of the above
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Detailed explanation-1: -An entrepreneur combines the first three of these to manufacture goods or provide services. They typically create a business plan, hire labor, acquire resources and financing, and provide leadership and management for the business. Entrepreneurs commonly face many obstacles when building their companies.
Detailed explanation-2: -Entrepreneurship involves taking on risk and organizing production through establishing new businesses and exploring new ideas and new products. Entrepreneurship can be seen as the secret sauce that combines all the other factors of production into a product or service for the consumer market.
Detailed explanation-3: -A market economy gives entrepreneurs the freedom to pursue profit by creating outputs that are more valuable than the inputs they use up, and free to fail and go out of business if they do not.
Detailed explanation-4: -Being determined, persevering and patient too. Determination and perseverance and often listed as factors in the success of entrepreneurial projects! There has never been a success story without setbacks, failure, effort, a hunt for solutions and other surprises1.