Laredo works for a construction company. He realizes that the local home improvement store does not sell lumber, so he quits his job and opens a home improvement store that specializes in lumber. Which factor of production is Laredo demonstrating?
A) entrepreneurship
B) knowledge
C) human resources
D) capital
E) natural resources

Question

Quizplus · Accepted Answer

Entrepreneurship involves recognizing a market opportunity and taking the initiative to start a business to meet that demand, which is what Laredo is doing by opening a lumber-focused home improvement store.

Laredo Works for a Construction Company