INTRODUCTION TO ENTREPRENEURSHIP
TYPES OF ENTREPRENEURSHIP
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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 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.
Detailed explanation-2: -Entrepreneurs are important because they are willing to take risks to start new businesses, so they become the catalyst of the free enterprise economy. but some survive and a few even become wealthy. leading to new products, greater competition, more production, higher quality, and lower prices.
Detailed explanation-3: -Factors of production are the inputs needed for creating a good or service, and the factors of production include land, labor, entrepreneurship, and capital.