CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipEntrepreneurship: Concept and Functions1 Mark
Question
How has Adam Smith defined the term 'entrepreneur'?
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Answer
According to Adam Smith, “An individual, who undertakes the formation of an organization for commercial purposes by recognizing the potential demand for goods and services, and thereby acts as an economic agent and transforms demand into supply."
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