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Factors of Production — Economics STD 10 — Question

ICSE BoardEnglish MediumSTD 10EconomicsFactors of Production2 Marks
Question
Entrepreneurs are innovators' said Schumpeter. Explain briefly.
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Answer

According to Schumpeter, innovation is the most important function of an entrepreneur. The entrepreneur may introduce a new product, improve the old product, use new methods of production, find a new market for the product or find a new or cheaper source of raw materials. In this way, an entrepreneur is an innovator.

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