Business Studies

The necessity of entrepreneurship for production was first formally recognized by ___________ in 1890.


ANSWER

Alfred Marshall


SOLUTION

The necessity of entrepreneurship for production was first formally recognized by Alfred Marshall in 1890. In his famous treatise Principles of Economics, Marshall asserts that there are four factors of production: land, labor, capital, and organization. Organization is the coordinating factor, which brings the other factors together, and Marshall believed that entrepreneurship is the driving element behind organization
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