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Questions and Answers
Which term refers to the creation or extraction of economic value?
Which term refers to the creation or extraction of economic value?
- Risk-taking
- Innovation
- Entrepreneurship (correct)
- Venture
What is the process of designing, launching, and running a new business called?
What is the process of designing, launching, and running a new business called?
- Entrepreneurship (correct)
- Venture
- Innovation
- Risk-taking
Who is commonly seen as an innovator and a source of new ideas, goods, and services?
Who is commonly seen as an innovator and a source of new ideas, goods, and services?
- Employee
- Investor
- Manager
- Entrepreneur (correct)
What is the term for an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards?
What is the term for an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards?
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What is the capacity and willingness to develop, organize, and manage a business venture along with any of its risks to make a profit called?
What is the capacity and willingness to develop, organize, and manage a business venture along with any of its risks to make a profit called?
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Study Notes
Economic Value Creation
- Refers to the generation or extraction of economic value from resources or activities.
- Essential for driving growth and sustainability in businesses and economies.
Entrepreneurship
- The process of designing, launching, and managing a new business.
- Involves identifying market opportunities, acquiring resources, and navigating the business landscape.
Innovator
- An individual recognized for introducing new ideas, goods, and services.
- Plays a crucial role in fostering competition and technological advancement in various industries.
Entrepreneur
- A person who creates and invests in one or more businesses.
- Takes on significant financial risks but also stands to gain substantial rewards depending on business success.
Entrepreneurial Capacity
- The ability and willingness to develop, organize, and manage a business venture.
- Includes taking calculated risks to achieve profitability and drive innovation.
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