Complete the following sentence by choosing the appropriate phrase for each gap.
The 20th century political economist, Friedrich von Hayek first used the term ______ to refer to the kind of specialised local knowledge that an entrepreneur might use from day to day in order to secure a profit. Hayek contrasted this with the ______ used in economics; an example of this would be the correlation between R&D spillovers and economic growth, which has no immediate practical implications for entrepreneurial practice.

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The Answer of Complete the following sentence by choosing the appropriate phrase for each gap.
The 20th century political economist, Friedrich von Hayek first used the term ______ to refer to the kind of specialised local knowledge that an entrepreneur might use from day to day in order to secure a profit. Hayek contrasted this with the ______ used in economics; an example of this would be the correlation between R&D spillovers and economic growth, which has no immediate practical implications for entrepreneurial practice.

Complete the Following Sentence by Choosing the Appropriate Phrase for Each