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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.
assume you are selling a product and when your price is decreased by 29% your quantity demanded increases by 55%. What is your price elasticity of demand?
Processors of aseptically packaged juice-based beverages must adequately heat their product before packaging it in order to be sure that they have “killed” the microorganisms which
Telecommunications industry in South Africa
Q. Market Income and Socialism? Market Income: A household's total pre-tax income obtained from its activities in formal economy, including salaries andwages, investment income
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Normal profit: Normal profit is when total revenue is exactly equal to total cost when the latter includes both explicit costs. It is the type of profit when made by firms in
Where minimum efficient scale is very huge for capital intensive operations, it may be more cost effective to allow one company to spread its fixed costs over a very huge number of
Hi I need help with elasticity. I think the problem has already been posted to your site.
Instructions to Students 1. Answer all the questions, using economic models where appropriate. Begin a question on a new page. 2. Please attach a copy of the assignment cove
Suppose scientists discover that eating soybeans prevents cancer and heart disease
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