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: -Innovative entrepreneurs are people who are constantly coming up with new ideas and inventions. They take these ideas and turn them into business ventures.
Detailed explanation-3: -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-4: -Coasting, opportunity comes to them (or it doesn’t) Conservative (very moderate use of resources, protecting existing resources) Aggressive (proactive, all-in, actively seeks opportunity) Innovator/Revolutionary (attains growth through innovation)