Entrepreneurship in Tourism and Hospitality

An Irish economist of French descent.

• a. Ricard Cantilion

• b. Frank H. Knight

• c. Joseph A. Schumpeter

Friedrich A. Hayek and Israel M. Kirzner explained about this kind of activity.

• a. risk taking

• b. creative destruction

• c. low-level activity

The person who said that the entrepreneur is someone who carries out new combinations.

• a. Joseph Schumpeter

• b. Frank H. Knight

• c. Hayek and Kirzner

The US economist who distinguished between risk and uncertainty.

• a. Joseph A. Schumpeter

• b. Frank H. Knight

• c. Richard Cantillon

He observed that while the entrepreneur can "lay off" risks much like insurance companies do, he is left to bear the uncertainties himself.

• a. Frank H. Knight

• b. Richard Cantillon

• c. Joseph Schumpeter

He was concerned with the "high level" kind of entrepreneurship

• a. Friedrich A. Hayek and Israel M. Kirzner.

• b. Joseph A. Schumpeter

• c. Richard Cantillon

He maintained that no owner would ever delegate a key decision to a salaried subordinate, because he implicitly assumed that subordinate cannot be trusted.

• a. Richard Cantillon

• b. Joseph A. Schumpeter

• c. Frank Knight

His analysis left little room for the much more common, but no less important, "low-level" entrepreneurship carried on by small firms.

• a. Friedrich Hayer

• b. Israel Kirzner

• c. Joseph A. Schumpeter

According to his original formulation, the entrepreneurship is a specialist in taking risk.

• a. Frank Knight

• b. Peter Drucker

• c. Richard Cantillon

According to him, changes affecting the marketing of consumer products generally fall in the uncertainty category.

• a. Frank H Knight

• b. Israel M. Kirzner

• c. Joseph A. Schumpeter