Assertion: The entrepreneur was defined by French economist Richard Cantillon of 18th Century as the “agent who buys means of production at certain prices in order to sell the produce atuncertain prices in the future".
Reasoning: Entrepreneurship implies risk/uncertainty bearing, coordination of productive resources, introduction of innovations, and the provision of capital. . "

Both Assertion (A) and reasoning (R) are correct and but R is not the correct explanation of A.

The correct answer is option 2- Both Assertion (A) and reasoning (R) are correct and but R is not the correct explanation of A.

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.