The Essence of Entrepreneurship Is to Capture Most of the Existing

question 24

True/False

The essence of entrepreneurship is to capture most of the existing markets from less aggressive and innovative competitors.

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Definitions:

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower marginal cost and opportunity cost than its competitors.

Produce More

The act of increasing the output of goods or services, typically in response to higher demand or improved efficiency.

U.S. Economy

The economic system of the United States, characterized by a mixed economy with a high level of output, innovation, and diversity of goods and services.

Mixed Economy

An economic system blending elements of market capitalism with some form of government intervention and public enterprise.