Podcast
Questions and Answers
According to Schumpeter's Innovation Theory, which of the following is NOT considered a form of innovation that an entrepreneur might introduce?
According to Schumpeter's Innovation Theory, which of the following is NOT considered a form of innovation that an entrepreneur might introduce?
- A new advertising campaign (correct)
- A new product
- A new production method
- A new market
Keynesian Theory suggests that entrepreneurial activities are always favorable, regardless of the economic climate.
Keynesian Theory suggests that entrepreneurial activities are always favorable, regardless of the economic climate.
False (B)
What is the primary role of the entrepreneur, according to Schumpeter's Innovation Theory?
What is the primary role of the entrepreneur, according to Schumpeter's Innovation Theory?
To introduce innovation
According to Schumpeter, innovation is the force that will propel __________.
According to Schumpeter, innovation is the force that will propel __________.
Match the theory with its main proponent:
Match the theory with its main proponent:
Which economic condition does Keynesian Theory emphasize as a time when government intervention is most crucial for entrepreneurial and economic development?
Which economic condition does Keynesian Theory emphasize as a time when government intervention is most crucial for entrepreneurial and economic development?
A theory is considered an absolute truth and cannot be disproven.
A theory is considered an absolute truth and cannot be disproven.
According to Innovation Theory, what happens to the static mode of the economy when innovation is introduced?
According to Innovation Theory, what happens to the static mode of the economy when innovation is introduced?
According to Alfred Marshall's theory, what is considered the coordinating element in the production of goods and services?
According to Alfred Marshall's theory, what is considered the coordinating element in the production of goods and services?
Frank Hyneman Knight's theory suggests that risk-taking does not differentiate an entrepreneur from a worker.
Frank Hyneman Knight's theory suggests that risk-taking does not differentiate an entrepreneur from a worker.
According to Joseph Schumpeter's Innovation Theory, what is the primary factor affecting development?
According to Joseph Schumpeter's Innovation Theory, what is the primary factor affecting development?
Weber's sociological theory asserts that ______ has significant contributions to entrepreneurship.
Weber's sociological theory asserts that ______ has significant contributions to entrepreneurship.
Match the following theories with their main proponents:
Match the following theories with their main proponents:
Which theory suggests that government intervention is crucial for economic growth, especially during economic downturns?
Which theory suggests that government intervention is crucial for economic growth, especially during economic downturns?
According to Kaldor's technological theory, which element is primarily important as an element of production?
According to Kaldor's technological theory, which element is primarily important as an element of production?
Leibenstein's gap-filling theory suggests entrepreneurship reduces gaps in economic activities.
Leibenstein's gap-filling theory suggests entrepreneurship reduces gaps in economic activities.
Flashcards
Government Intervention
Government Intervention
Government action to boost economy through funding and job creation.
Alfred Marshall Theory
Alfred Marshall Theory
Theory focusing on organization as key in production involving land, labor, capital.
Entrepreneurial Role
Entrepreneurial Role
Entrepreneurs are vital for economic development and must understand their industry.
Risk and Uncertainty-Bearing Theory
Risk and Uncertainty-Bearing Theory
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Weber's Sociological Theory
Weber's Sociological Theory
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Kaldor's Technological Theory
Kaldor's Technological Theory
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Leibenstein's Gap-Filling Theory
Leibenstein's Gap-Filling Theory
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Kirzner's Learning-Alertness Theory
Kirzner's Learning-Alertness Theory
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Theory
Theory
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Innovation Theory
Innovation Theory
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Creative Destruction
Creative Destruction
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Keynesian Theory
Keynesian Theory
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Economic Disequilibrium
Economic Disequilibrium
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Entrepreneurial Activity
Entrepreneurial Activity
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Joseph Schumpeter
Joseph Schumpeter
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John Maynard Keynes
John Maynard Keynes
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Study Notes
Theories on Entrepreneurship
- A theory is a generalization that explains facts or phenomena. It is not absolute truth and can be supported by observation or proven otherwise.
- Theories on entrepreneurship include:
- Innovation theory: Focuses on innovation as the primary driver of economic development.
- Keynesian theory: Emphasizes the role of government, especially during economic downturns, in entrepreneurial activities.
- Alfred Marshall theory: Highlights the crucial role of organization among factors of production.
- Risk and uncertainty-bearing theory: Emphasizes the risk-taking aspect and connecting suppliers and consumers as a key entrepreneurial trait.
- Weber's sociological theory: Culture plays a significant role in shaping entrepreneurial activity.
- Kaldor's technological theory: Modern technology is essential for economic development and entrepreneurs must keep up with it.
- Leibenstein's gap-filling theory: Focuses on entrepreneurs filling gaps in the market to connect various economic trends.
- Kirzner's learning-alertness theory: Highlights alertness and learning as essential traits for entrepreneurs.
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Description
Explore key entrepreneurial theories including Schumpeter's Innovation Theory, Keynesian economics, and Marshall's concepts. Understand the role of innovation, government intervention, and organizational structures in driving economic development and entrepreneurship.
