ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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people with all their efforts and abilities
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individuals who start a new business or bring a product to market.
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The “gifts of nature” or natural resources not created by human effort.
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the tools, equipment, and factories used in production of goods and services
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Detailed explanation-1: -An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
Detailed explanation-2: -What is an entrepreneur? According to the Oxford Dictionary, an entrepreneur is “a person who organizes and operates a business or businesses, taking on greater than normal financial risks to do so.” This means that many entrepreneurs are just starting out with a business.
Detailed explanation-3: -An entrepreneur is someone who has an idea and who works to create a product or service that people will buy, as well as an organization to support that effort. An entrepreneur takes on most of the risk and initiative for their new business, and is often seen as a visionary or innovator.
Detailed explanation-4: -An entrepreneur is an individual who creates and grows a business through their creative ideas. Entrepreneurs play key roles besides generating income as they grow their businesses. An entrepreneur identifies a commercial need in their community, crafts a business idea and takes the lead role to start their business.
Detailed explanation-5: -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.