1.

Sociable – inclined by nature to companionship with others of the

same species.
Social – of or relating to society or its organization.
Social value – improvement of society/ones life.
Socialist – supporting socialism, a political and economic theory of
social organization that advocates that the means of production,
distribution, and exchange should be owned or regulated by the
community as a whole.
Private ownership-when a company is owned by people or
organizations that are not part of the government of a country.
Profit – a financial gain, especially the difference between the amount
earned and the amount spent in buying, operating, or producing
something.
Non-profit-profit stays with the owner/his business
Social Enterpreneur –a person specialized in starting and running a
business in the social sector of the economy.
2. The main differences between businessman and business
entrepreneur is that the entrepreneur starts an enterprise, whereas a
businessman may inherit it or buy an existing one.
3. Social entrepreneurship is a special form of management which
purpose is to run a production function in such a way as to ensure
increased value for all the participating parties in that function.
4. Connection between pragmatism and basic democratic norms- both
of these include a possibility to express one’s own interests and
therefore influence the existing social system.
5. Social entrepreneurship is important for democratic development
because it could play an important role in development by facilitating
the creation of organic, productive, community‐centered
organizations that build on local culture and institutions.
6. Social innovation-the process whereby the individual makes free and
independent decisions concerning the combination and use of factors
of production, with the aim of introducing a social service which
improves people’s lives and has not been on the market previously
7. Static production means producing more of the same and leads to
optimum which brings entrepreneurial profit to an end
Dynamic production gives society new possibilities and opens up for
new products, services and markets.
Price composition follows different trends depending on the way of
production(static or dynamic)
 8. Employees in government and companies are not regarded social
entrepreneurs because they work for a salary and they need to follow
a set of requirements according to their position.
9. The world is going through a social transformation and the challenges
are
1) planning work, budgeting, bureaucracy, politics, political elections
and public social programs are not on their own sufficient for meeting
the challenges faced by society;
2)nor is the individual invited to participate fully in social affairs.

10. Economic development in the static-dynamic model has

11. It is almost impossible to employ people in dynamic production
function even in good times because
12. A) In my opinion education system is very important to change
B) In modern education
C) The result of changing education system could be
D)
E)

Jean Baptiste Say. Writing around the turn of the 19th century, Say put it
this way, “The entrepreneur shifts economic resources out of an area of
lower and into an area of higher productivity and greater yield.”
Entrepreneurs create value. In the 20th century, the economist most
closely associated with the term was Joseph Schumpeter. He described
entrepreneurs as the innovators who drive the “creative-destructive”
process of capitalism. In his words, “the function of entrepreneurs is to
reform or revolutionize the pattern of production.” They can do this in many
ways: “by exploiting an invention or, more generally, an untried
technological possibility for producing a new commodity or producing an
old one in a new way, by opening up a new source of supply of materials or
a new outlet for products, by reorganizing an industry and so on.”
Schumpeter’s entrepreneurs are the change agents in the economy. By
serving new markets or creating new ways of doing things, they move the
economy forward. Drucker does not require entrepreneurs to cause
change, but sees them as exploiting the opportunities that change (in
technology, consumer preferences, social norms, etc.) creates. He says,
“this defines entrepreneur and entrepreneurship – the entrepreneur always
searches for change, responds to it, and exploits it as an opportunity.”
An entrepreneur's ability to attract resources (capital, labor, equipment,
etc.) in a competitive marketplace is a reasonably good indication that the
venture represents a more productive use of these resources than the
alternatives it is competing against. The logic is simple. Entrepreneurs who
can pay the most for resources are typically the ones who can put the
resources to higher valued uses, as determined in the marketplace. Value
is created in business when customers are willing to pay more than it costs
to produce the good or service being sold. The profit (revenue minus costs)
that a venture generates is a reasonably good indicator of the value it has
created. If an entrepreneur cannot convince a sufficient number of
customers to pay an adequate price to generate a profit, this is a strong
indication that insufficient value is being created to justify this use of
resources. A re-deployment of the resources happens naturally because
firms that fail to create value cannot purchase sufficient resources or raise
capital. They go out of business. Firms that create the most economic
value have the cash to attract the resources needed to grow.
The social entrepreneur is a mission-driven individual who uses a set of
entrepreneurial behaviours to deliver a social value to the less privileged, all
through an entrepreneurially oriented entity that is financially independent, self-
sufficient, or sustainable.