Joseph Schumpeter is the exceptional economist who links the entrepreneur to ?
Correct answer: C. innovation
- A. oligopolistic capitalism
- B. resource management
- C. innovation
- D. land and labor
Explanation
Schumpeter placed the entrepreneur at the centre of economic development through innovation, such as new products, production methods, markets or forms of organization. Resource management and land and labour are broader business functions, not his distinctive contribution.
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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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