Identifying Entrepreneurial Action

A new, more efficient solar panel technology was invented five years ago but was too expensive for widespread use. Recently, a government subsidy was introduced that makes this technology cheaper than traditional energy sources for the first time. Which of the following individuals best exemplifies the role of an entrepreneur as defined by their response to this new economic incentive?

Distinguishing Invention from Entrepreneurship

Match each role with the description that best illustrates its specific economic function.

Evaluating Entrepreneurial Action

An individual who invents a groundbreaking new technology is, by definition, an entrepreneur.

For decades, most consulting firms operated with a model requiring consultants to be physically present in a central office. Following a major societal shift that made remote work highly desirable for skilled professionals, one consulting firm was the first to completely redesign its operations to be fully remote. This allowed them to hire top talent from anywhere in the world and significantly reduce office overhead costs, giving them a major competitive advantage. Which statement best analyzes this firm's action based on its economic role?

Applying the Definition of Entrepreneurship

Analyzing Entrepreneurial Action

A city government imposes a new, costly fee on restaurants for food waste disposal. A composting technology has been available for several years but was not widely used because it was more expensive than traditional disposal methods. In light of the new fee, which of the following individuals is acting as an entrepreneur?