Question

A wheat farmer in Nebraska takes a risk and starts a new farm on land that was previously thought unfit for growing wheat. If his new farm succeeds because of the farmer's new growing technique, the farmer will earn a substantial profit. The innovation of using a new farming technique represents a person's creative input to production. Thus this is an example of:__________.

Answer 1

Answer:

Entrepreneurship

Explanation:Entrepreneurship - it is referred to as taking risk of producing new products or starting something new by utilizing the resources available in the area.

If after utilizing the resources lead the market value of resulted outcomes is greater than available resources then entrepreneur has a profit.

In the same way, the wheat farmer is starting to invest in the land which assumed to be not good for growing wheat.