Question

Multi-selection: Check all that apply.

Which of the following resources are examples of what economists refer to as "entrepreneurship?"

You must select all that apply.

Question 9 options:

	A) A chef who develops her own recipes and starts her own successful restaurant offering her own unique menu.
	B) A field used by a farmer to grow wheat.
	C) An inventor who develops, produces, and markets a new product.
	D) A skilled machinist.

Answer 1

Entreprenuership is  the creation or extraction of value,it is a process of designing, launching and running a new business,The people who create these businesses are often referred to as Entreprenuers.An entrepreneur is an entity which has the ability to find and act upon opportunities to convert inventions or technologies into products and services that are commercially viable businesses.

Option A-

A chef who develops her own recipes and starts her own successful restaurant offering her own unique menu.

This a perfect example of entreprenuership as in this case an innovative idea is being converted into a prduct/service ,which is a profitable business.

Option B-

"A field used by a farmer to grow wheat."

This in not an example of entreprenuership as it is not involving any value creation or innovation.

Option C-

"An inventor who develops, produces, and markets a new product."

This a perfect example of entreprenuership as in this case an invention is being converted into a prduct/service ,which is commercially viable.

Option D-

"A skilled machinist."

A skilled machinist can be called an entreprenuer only if he uses the skill to identify an opportunity, come up with an innovative idea and then convert it into an economical project.

ANSWERS= OPTION A AND OPTION C