TLE Flashcards
(32 cards)
Capacity of an economy for innovation, investment, and expansion in new markets products and techniques
Entrepreneurship
Process
Development
Result
Growth
Small Business Category
Micro
THEORIES
Laissez-faire/Keynesian/Ricardian/Harrod-Domar/Kaldor/Innovation/Non-Economic
Government should not interfere in the economic activities
Laissez-faire
Government play a key role in economic development
Keynesian
Key factor is land
Ricardian
Key factor is physical capital
Harrod-Domar
Key factor is technology
Kaldor
Innovators has the courage and imagination
Innovation
Key factors are political stability/efficient public administration/open society/positive cultural values
Non-Economic
Corruption is the foremost enemy
Economist
CONTRIBUTIONS
Develop New Market/Discover New Sources of Materials/Mobilize Capital Resources/Introduce New Technology, New Industries, and New Products/Create Employment
Entrepreneurs are resourceful and creative.
Develop New Market
Entrepreneurs are never satisfied with traditional
Discover New Source of Materials
Combine these factors of production
Mobilize Capital Resources
PEC
Personal Entrepreneur Competencies
CLASSIFICATION OF COMPETENCIES
Opportunity Seeking/Persistence/Commitment to the Work/Risk-Taking/Demand for Efficiency and Quality
Identifies opportunities which offer new business
Opportunity Seeking
Does not give up easily when confronted with obstacles
Persistence
Commits himself, he takes full responsibility
Commitment to the Work
Prefers tasks that gives challenge
Risk-Taking
Setting high but realistic standards
Demand for Efficiency and Quality
