Lesson 12 pg. 38 - 41

Question 1

Define entrenpreneurship

Answer 1

> entrepreneurship is fourth factor of production
also called management
entrepreneurship - intelligent direction and supervision of natural and human economic resources

Question 2

Define entrepreneur

Answer 2

entrepreneur - person who undertakes management of economic enterprises on bold scale, with some danger of losing his investment of money and time
>refers to a person in effective control of starting or running a business or industrial undertaking
>an enterprising person with a gift for thinking up undertakings and getting them accomplished

Question 3

Give the important entrepreneur characteristics of Eleuthere Irenee du Pont, the gentleman who made gunpowder for President Jefferson

Answer 3

> educated in chemistry
had an idea from bad gunpowder when hunting
*It is the entrepreneur who joins together the production factors and makes possible large-scale production and distribution.