Entrepreneurship includes ideas, innovation, and risk-taking.
What is entrepreneurship in economics?
Entrepreneurship is the process of discovering new ways of combining resources. When the market value generated by this new combination of resources is greater than the market value these resources can generate elsewhere individually or in some other combination, the entrepreneur makes a profit.
Which factors of production would be considered capital resources?
The third factor of production is capital. Think of capital as the machinery, tools, and buildings humans use to produce goods and services. Some common examples of capital include hammers, forklifts, conveyor belts, computers, and delivery vans.
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