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What is entrepreneurship in economics?

Entrepreneurship is one of the resources economists categorize as integral to production, the other three being land/natural resources, labor, and capital. An entrepreneur combines the first three of these to manufacture goods or provide services.

Who is an entrepreneur?

A n entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Entrepreneurship is the process of discovering new ways of combining resources.

Why is entrepreneurship important in economics?

Economies rely highly on entrepreneurship to develop as entrepreneurs identify profit opportunities which naturally ends up filling gaps in the market to enhance the community. What is an example of entrepreneurship in economics? John lives in a rural town that imports most of its goods and thus doesn't produce much with its given resources.

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