CUET Preparation Today
| Who introduced the term entrepreneurship in Economics for the first time? |
Richard Cantillon Adam Smith Karl Marx Alfred marshall |
| Richard Cantillon |
| The term ‘entrepreneur’ was first introduced in economics by the early 18th century French economist Richard Cantillon. In his writings, he formally defined the entrepreneur as the “agent who buys means of production at certain prices in order to sell the produce at uncertain prices in the future”. Since then a perusal of the usage of the term in economics shows that entrepreneurship implies risk/uncertainty bearing; coordination of productive resources; introduction of innovations; and the provision of capital. |
