Robert C Ronstadt Put Together a Summary Definition of Entrepreneur That

question 50

Multiple Choice

Robert C. Ronstadt put together a summary definition of entrepreneur that included which of the following key phrases?

• A)the acceptance of risk of failure
• B)the dynamic process of creating incremental wealth
• C)the advantage of economic endowments
• D)the phenomenon of leadership

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Definitions:

Firms

Business entities that produce goods or provide services with the aim of making a profit.

Entrepreneur

An individual who creates, organizes, and operates a business or businesses, taking on financial risk to do so.

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes.

Limited Incomes

Economic condition where individuals or households have restricted earnings, impacting their spending capabilities and living standards.