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Entrepreneur:
The entrepreneur or enterprise is a special factor of production that is in charge of the organization of the other three factors of production (land, labour and capital) in order to produce goods and services, bears the risk involved in business and manages the business. The entrepreneur’s reward is profit or dividend.The functions of the entrepreneur include the following:(i)The entrepreneur is the owner of the business and provides the capital. The ownership of business may be one person or a group of persons who have provided the capital.(ii)The entrepreneur organizes and combines the other three factors of production for the production of goods and services which are used to satisfy human wants.(iii)The entrepreneur bears the risk of business failure when there is any. On the other hand if there are any benefits or profits he enjoys them.(iv)The entrepreneur is the principal decision-maker, though this may be shared with other people. He makes the broad decision of policy and the nerve- centre of management control.(v)It is the main objective of every nation to achieve economic growth and development. A nation achieves economic growth when it is able to increase the final goods and services produced in the country over a given period of time usually one year. It is the entrepreneur who is the engine of economic growth in every nation because he produces these goods and services.
What is third degree price discrimination? Explain with case analysis,give two successful & unsuccessful cases of 3rd degree price discrimination.
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use of diagram how the price mechanism operates to allocate scarce resources. use examples to illustrate the answer.
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In equilibrium, what are the letters and the total dollar amounts that correspond to the area for the... i. Original Consumer Surplus? ii. Original Producer Surplus? iii.
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