______________ is the economic basis for all entrepreneurial activity.

Question

Quizplus · Accepted Answer

Free enterprise refers to an economic system where individuals or private businesses can own and operate their businesses based on free competition in the marketplace. It allows for entrepreneurship to flourish as individuals can bring their unique ideas and innovations to the market without governmental interference, which is the core of all entrepreneurial activity. Individuality is important in entrepreneurship, but it is more of a personal characteristic and does not directly relate to the economic basis of entrepreneurial activity. Capitalism is a broader economic system that includes free enterprise but also includes factors such as the accumulation of wealth, private property ownership, and a profit-driven market system. "Voodoo economics" is a term used to describe economic policies that are perceived to be based on unrealistic assumptions, so it is not a viable option as the economic basis for entrepreneurship.

______________ Is the Economic Basis for All Entrepreneurial Activity