Entrepreneurship is the ?
Correct answer: C. resource coordinating other productive resources
- A. technique to manage raw materials efficiently
- B. residual of a production function
- C. resource coordinating other productive resources
- D. blueprint on how to manage the labor force
Explanation
Entrepreneurship coordinates land, labour and capital, while also making decisions and bearing business risk. It is therefore a productive resource rather than merely a management technique or a production residual.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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