Economist Israel Kirzner proposed that entrepreneurs have a unique capability, which he called _____, to recognize existing opportunities for businesses.

Question

Quizplus · Accepted Answer

Kirzner's theory emphasizes the importance of alertness to identifying and exploiting opportunities that are overlooked by others. While innovative thinking and market awareness are important qualities for entrepreneurs, they are not the specific capability that Kirzner highlights. Opportunity recognition is a broader term that can encompass many different factors, but Kirzner's specific focus on alertness emphasizes the need for entrepreneurs to be observant and able to recognize underutilized resources or gaps in the market.

Economist Israel Kirzner Proposed That Entrepreneurs Have a Unique Capability