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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.
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