Which of the following describe the role of an entrepreneur?
An entrepreneur is an individual who sets up and grows a business. They combine different factors of production (such as – land, labour and capital) to try and create a new profitable business venture.
What is the role of the entrepreneur in a capitalist economy?
Entrepreneurs and capitalists meet that demand by creating goods and services with the hopes of generating a profit. … Clearly, if there is no demand for the goods and services in a capitalist economy then there can be no capitalists and there can be no corporations that employ workers.
What is entrepreneurship in a capitalist economy quizlet?
entrepreneurship. the process of being an entrepreneur. Capitalism. another name for the cash and goods a business owns. Demand.
How is a mixed economy the same as a pure free market economy and how is it different quizlet?
In a free market economy, the government is not part of the circular flow diagram. In a mixed economy, the government intervenes through such aspects as taxes, government owned factors and government expenditures to firms and households.
What is the main function of entrepreneur?
The two main functions of entrepreneurs are first, taking the risk of developing new products or services and, second, successfully bringing new products and services into the marketplace.
What is the role of an entrepreneur in society?
Entrepreneurship is important, as it has the ability to improve standards of living and create wealth, not only for the entrepreneurs but also for related businesses. Entrepreneurs also help drive change with innovation, where new and improved products enable new markets to be developed.
What is the role and importance of an entrepreneur?
An entrepreneur is an individual who creates and grows a business through their creative ideas. Entrepreneurs play key roles besides generating income as they grow their businesses. An entrepreneur identifies a commercial need in their community, crafts a business idea and takes the lead role to start their business.
What are the five roles of an entrepreneur?
Throughout your tenure as an entrepreneur, you’ll find yourself filling these 10 important and varied roles on a daily basis:
- Leader. …
- Figurehead. …
- Visionary. …
- Decider. …
- Financial analyst. …
- Marketer. …
- Receptionist. …
- Customer service rep.
What four resources must businesses combine effectively to be successful?
The four resources are (1) material resources, which include raw materials used in the manufacturing process as well as buildings and machinery; (2) human resources, who are the people that furnish their labor to the business in return for wages; (3) financial resources, which is money used to pay employees, purchase …
How are the fundamental questions answered in a capitalist economy?
In a capitalist economy, the first question is answered by consumers as they spend their money. … The third question is answered by those who have the money to buy the product. The fourth question is answered by who provides the land and natural resources, labor, capital, and/or entrepreneurship.