Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
there are 4 limited resources: land, labor, capital and entrepreneur ability. Economic activity does not just happen. Some dynamic, driven individual must instigate production given
there are 4 limited resources: land, labor, capital and entrepreneur ability.
Economic activity does not just happen. Some dynamic, driven individual must instigate production given our limited resources. That dynamic individual is an entrepreneur. The entrepreneur is the organizer of production and the one who visualizes the demand and convinces the individuals who own the factors of production that they want to produce that good.
Is the role of the entrepreneur central to the production process in the economy? Provide an example.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started