Final answer:
False, The statement that entrepreneurship is only about planning and cannot be taught. Entrepreneurship also includes innovation and risk-taking and can be learned. Entrepreneurs play a crucial role in the economy by combining factors of production to create wealth.
Explanation:
The statement 'Entrepreneurship can't be taught and is all about planning' is false. Entrepreneurship encompasses much more than just planning; it involves the willingness to innovate and take risks in starting a business.
Furthermore, entrepreneurship can indeed be taught and learned through various educational programs and experiences that focus on aspects of starting and managing a business, which include understanding the business cycle, managing inflation, and measuring productivity.
Key components such as sole proprietorship, partnership, and corporation are different forms a business can take, each with its particular management and ownership structures. Entrepreneurs must also be aware of economic indicators like Gross Domestic Product and unemployment rates to make informed decisions.
It is also important to note that entrepreneurs are considered vital as they combine the factors of production, such as labor, capital, and natural resources, to create new wealth and economic growth, unlike the mercantilist belief that wealth is finite.