Question : Statement 1: Richard defined entrepreneur as the agent who buys means of production at certain prices in order to sell the produce at uncertain prices in the future. Statement 2: Entrepreneurship is a systematic, purposeful activity of identifying a need.
Option 1: Both are true
Option 2: Both are false
Option 3: Statement 1 is true and statement 2 is false.
Option 4: Statement 1 is false and statement 2 is true.
Correct Answer: Both are true
Solution : According to Richard entrepreneur as the agent who buys means of production at certain prices in order to sell the produce at uncertain prices in the future. Enterpreneurship is systematic purposeful and creative activity of identifying the need mobilising resources and organising production with the view to delivering value to the customers.
Hence, option A is correct.
Question : Case Study 7: Impact of Entrepreneurship on Employment
Ms. Patel, a successful entrepreneur, founded a chain of boutique hotels in various tourist destinations across the country. Her hotels have not only attracted tourists but also provided job opportunities to the local community.
Question:
Ms. Patel's role as an entrepreneur has contributed to:
Option 1: Decreased tourist attractions
Option 2: Increased pollution in tourist destinations
Option 3: Economic development and employment generation
Option 4: Decline in the hospitality industry
What impact did Ms. Patel's boutique hotels have on the local community?
Option 1: Increased taxes
Option 2: Job opportunities
Option 3: Pollution
Option 4: Decreased tourist inflow
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile