ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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has earned millions of dollars
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has many employees who work for her
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combined resources to create new products
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was a woman who succeeded in a male dominated industry
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Detailed explanation-1: -combined resources to create new products. An entrepreneur is someone who creates products that are fresh from the market. Entrepreneurs are goal-oriented person that bears all financial risks in doing business. Most importantly, these persons are innovative and creative.
Detailed explanation-2: -In most cases, an inventor isn’t trying to place this invention on the market. On the other hand, an entrepreneur is someone who focuses almost exclusively on trying to take a product and fit it into a market wherein it can sell to customers or clients.
Detailed explanation-3: -Leon Walrus, in his papers, The Theory of Social Wealth pointed out that entrepreneur is the coordinator of basic factors of production. He treated ‘entrepreneur’ as the fourth factor of production who combines other factors such as land, labour and capital. In 1882, F. B.
Detailed explanation-4: -An entrepreneur is someone who starts or owns a business. Whether it’s in farming, retail, manufacturing or in the service sector, entrepreneurs are businesspeople who find their success by taking risks. In their pursuits, they often become disruptors in established industries.
Detailed explanation-5: -An entrepreneur is a person who combines the other factors of production-land, labor, and capital-to earn a profit. The most successful entrepreneurs are innovators who find new ways to produce goods and services or who develop new goods and services to bring to market.