In Studying Failure Around the World, the Global Entrepreneurship Monitor

question 77

Multiple Choice

In studying failure around the world, the Global Entrepreneurship Monitor report recognized three economies.Which one of the following represents an economy focused on innovative products and services?

• A)efficiency-driven
• B)factor-driven
• C)people-driven
• D)innovation-driven

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Definitions:

Productive Efficiency

Achieved when goods or services are produced at the lowest possible cost and utilizing resources in the best way possible.

Average Total Cost

The total cost of production divided by the quantity of output produced, showing the average cost per unit.

Technological Advance

Progress in technology that often leads to improvements in efficiency, productivity, and the development of new products.

Venture Capital

Financing that investors provide to startup companies and small businesses that are believed to have long-term growth potential.