INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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People can choose what products to buy
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People can choose to own private property
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People can choose to start a business and compete with other businesses
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All of the above are correct
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Detailed explanation-1: -Four key economic concepts-scarcity, supply and demand, costs and benefits, and incentives-can help explain many decisions that humans make.
Detailed explanation-2: -Choice is an important element in economic thinking if there are scarce resources and infinite wants. Places that are booming will have to make choices, as the resources needed to sustain development will be in high demand but not freely in supply.
Detailed explanation-3: -List and describe the three economic choices every society must make? Society must choose what to produce based on its needs. Society must choose how to produce based on its resources. Society must choose who to produce for based on its population and other available markets.
Detailed explanation-4: -Economists address these three questions: (1) What goods and services should be produced to meet consumer needs? (2) How should they be produced, and who should produce them? (3) Who should receive goods and services?