In studying failure around the world, the Global Entrepreneurship Monitor report recognized three economies.Which one of the following represents an economy that is helped by more efficient processes, higher wages, and better product quality?
A)efficiency-driven
B)factor-driven
C)people-driven
D)innovation-driven

Question

Quizplus · Accepted Answer

An efficiency-driven economy is one where firms compete on the basis of efficiency, cost cutting, and process optimization. This often leads to higher wages and better product quality, as firms strive to improve their processes and operations. This is different from a factor-driven economy, where firms compete on the basis of low costs for inputs such as labor, land, and natural resources, and a people-driven economy, where firms compete on the basis of the skills and education of their workforce. An innovation-driven economy, on the other hand, is characterized by firms that compete on the basis of their ability to innovate and create new products and services.

In Studying Failure Around the World, the Global Entrepreneurship Monitor