Identify the incorrect statement pertaining to innovation and entrepreneurship.

Question

Quizplus · Accepted Answer

The statement "They require state ownership of all means of production" is incorrect. Innovation and entrepreneurship thrive in a market economy that allows private ownership of means of production, where individuals and firms have the incentives to innovate and take risks to create valuable goods and services. State ownership of all means of production would stifle innovation and entrepreneurship as individuals would not have the freedom to pursue their own creative ideas and initiatives.

Identify the Incorrect Statement Pertaining to Innovation and Entrepreneurship