Asked by Bryson Winder on May 27, 2024
Verified
The main function of the entrepreneur is to:
A) make routine pricing decisions.
B) innovate.
C) purchase capital.
D) create market demand.
Entrepreneur
An individual who starts, organizes, manages, and assumes the risks of a business or enterprise, often innovating and creating new products, services, or business models.
Market Demand
The total quantity of a good or service that all consumers in a market are willing and able to buy at different price levels, over a specific time period.
- Gain an understanding of the distinct economic roles and divergences between entrepreneurs, labor, land, and capital resources.
Verified Answer
CM
Colin MacKenzieJun 01, 2024
Final Answer :
B
Explanation :
The main function of an entrepreneur is to innovate, which involves identifying opportunities or problems in the market and developing new solutions, products, or services to address them. This requires creativity, risk-taking, and a willingness to challenge the status quo. While entrepreneurs may also make pricing decisions and purchase capital, these activities are secondary to their primary role in driving innovation and creating value in the market. Creating market demand is also an important outcome of successful innovation, as new products or services that meet unmet needs or desires can generate significant consumer interest and demand.
Learning Objectives
- Gain an understanding of the distinct economic roles and divergences between entrepreneurs, labor, land, and capital resources.