Assertion: Military concepts used in earlier times now a days are used in economics and management.
Reasoning: Historically, wars were followed by economic reconstruction.
Answer & explanation
Correct answer: option 1
The correct answer is option 1- Both Assertion (A) and reasoning (R) are correct and R is the correct explanation of A.
The term ‘entrepreneurship’ (derived from the verb ‘entreprende’ meaning ‘to undertake’) pertained not to economics but to undertaking of military expeditions. So is true of many terms in management such as strategy (a course of action to beat the competition, the ‘enemy’) and logistics (movement of men and machines for timely availability), etc. Historically, as wars are followed by economic reconstruction, it should be no surprise that military concepts are used in economics and management.