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Questions and Answers
What is the driving force behind every country's economy according to the text?
Which component is NOT mentioned as part of the K-12 Curriculum in relation to Edukasyon Pantahanan at Pangkabuhayan with Entrepreneurship?
According to Peter Drucker, what is the best way to predict the future?
What can pre-service teachers do at the end of the unit based on the text?
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What is emphasized as an important skill for students to develop in order to navigate modern-day challenges in the workplace?
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How does entrepreneurship education benefit students from diverse socioeconomic backgrounds?
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At what stage should the introduction of entrepreneurship education ideally begin?
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Which subject is highlighted as having a significant role in general education due to the increasing mechanization of society?
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Which economic theory highlighted the directing role of the entrepreneur in the context of production and distribution of goods in a competitive marketplace?
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What key virtues were extolled by the classical theory?
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Which theory emerged as a response to criticisms of the classical model and emphasized instances of pure exchange within a closed economic system?
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What were the roots of the economic entrepreneurship theory according to William J. Baumol?
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Entrepreneurs in an opportunity-based approach are more focused on:
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In the context of entrepreneurship research, who emphasized that entrepreneurs do not cause change but exploit opportunities that change creates?
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What does Stevenson's extension of Drucker's opportunity-based construct include?
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According to the Resource-based theory of entrepreneurship, what is considered an important predictor of opportunity-based entrepreneurship and new venture growth?
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Study Notes
Economy and Entrepreneurship
- The driving force behind every country's economy is entrepreneurship.
Education and Entrepreneurship
- Entrepreneurship is not mentioned as part of the K-12 Curriculum in relation to Edukasyon Pantahanan at Pangkabuhayan.
- According to Peter Drucker, the best way to predict the future is to invent it.
- Pre-service teachers can integrate entrepreneurial concepts into their teaching practices at the end of the unit.
- Developing entrepreneurial skills is emphasized as an important skill for students to navigate modern-day challenges in the workplace.
Benefits and Importance of Entrepreneurship Education
- Entrepreneurship education benefits students from diverse socioeconomic backgrounds.
- Ideally, the introduction of entrepreneurship education should begin at an early stage.
Significance of Entrepreneurship
- Technology and Home Economics is highlighted as having a significant role in general education due to the increasing mechanization of society.
Economic Theories
- The Austrian economic theory highlighted the directing role of the entrepreneur in the context of production and distribution of goods in a competitive marketplace.
- The classical theory emphasized the virtues of prudence, justice, temperance, and fortitude.
Evolution of Economic Theories
- The neoclassical theory emerged as a response to criticisms of the classical model and emphasized instances of pure exchange within a closed economic system.
- According to William J. Baumol, the roots of the economic entrepreneurship theory were in the 18th century.
Opportunity-Based Approach
- Entrepreneurs in an opportunity-based approach are more focused on identifying and exploiting opportunities.
- According to Howard Stevenson, entrepreneurs do not cause change but exploit opportunities that change creates.
- Stevenson's extension of Drucker's opportunity-based construct includes the role of entrepreneurial teams and the entrepreneurial process.
Resource-Based Theory
- According to the Resource-based theory of entrepreneurship, a firm's unique resources and capabilities are considered important predictors of opportunity-based entrepreneurship and new venture growth.
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Description
Explore the roots of economic entrepreneurship theories in classical, neoclassical, and Austrian market process theories. Learn about the factors that influence entrepreneurial behavior according to William J. Baumol's analysis.
