Final answer:
People who take the risk of organizing resources to produce goods and services are known as entrepreneurs. They play a key role in combining land, labor, and capital to create and market new goods and services in a market economy.
Step-by-step explanation:
People who take the risk of organizing productive resources to make goods and services are called entrepreneurs. Entrepreneurs are individuals who combine factors of production - land, labor, and capital - to create and market new goods and services.
They are considered vital in a market economy as they seek to earn profits through innovation and risk-taking. The role of an entrepreneur is central to economic growth, as they find new ways to organize resources and meet consumer demands, impact the business cycle, and contribute to metrics like Gross Domestic Product (GDP). It is the entrepreneur who is willing to confront uncertainty and the potential for failure in order to potentially achieve success in the marketplace. Entrepreneurs often carefully calculate and manage their risks as they strive to bring their business ideas to fruition.