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Explain whether entrepreneurs are essential in our society or not.

A. Entrepreneurs are not essential, since the other factors of production—land, labor, and capital—can sustain economic activity themselves.

B. Entrepreneurs are essential, since they initiate economic change while fulfilling unmet demand and creating jobs.

C. Entrepreneurs are not essential, since many entrepreneurs fail, hurting consumer spending and leading to unemployment.

D. Entrepreneurs are essential, since they secure property rights and the rule of law, which are critical for economic growth.



Answer :

GinnyAnswer

Final answer:

Entrepreneurs are essential in our society as they drive economic change, create jobs, and secure property rights.


Explanation:

Entrepreneurs are essential in our society. They initiate economic change by fulfilling unmet demand, creating jobs, and introducing innovation and technological advancements, which drive economic growth. Additionally, entrepreneurs play a crucial role in securing property rights and promoting the rule of law, which are foundational for a thriving economy.


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