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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.
Financial Economies: These are benefits obtained by large firms as a result of contracting credit from financial institutions at lower interest rates than smaller firms. The
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
what will cause a firms demand curve to shift: a a change in sellers profit associated with the good or service b change in technology for good cchange in non price variable in dem
Analysis of business portfolio by using Boston Consultant Group (BCG) Matrix.
Inverse Demand Function: If variable factor prices changes, then the isocost line will tilt and consequently, the optimal factor requirement will be different. Suppose the wage rat
MRP Technique - Estimating the Level of Output for the Target Year Taking into account several parameters of economic growth such as past trends, present as well as proposed
Insurance - Risk averse are willing to pay to keep away from risk. - If cost of insurance equals expected loss, risk averse people will buy sufficient insurance to totally r
Features of monopolistic competition: Large number of firms in the industry. There are many small firms each supplying only a small share of the total market output. Hence, no
Define Nash equilibrium
why sellers and producers keep pricess lower
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