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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.
use a graphical illustration to describe briefly what the influence of each of the following be on the market supply of labour,(a) an increase in immigrants, (b) a reduction in wag
The Technology of Production * The Production Process - Combining inputs or the factors of production to attain an output * Categories of Inputs (or the factors of prod
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Internal and external economies of scale: Internal economies of scale are the advantages or benefits that the firm enjoys as it expands its size or increases its scale of ope
Demand is defined as a schedule of the quantities fo good that will be purchased at various prices similarly the supply refers to the schedule of the quantities of a good that will
how is price and output equilibrium determined in Williamson''s model of managerial discretion?
discuss the implications of various market structure for price determination
Revise business plans to incorporate appropriate changes.
Depreciation: This signifies the loss of value from an existing stock of real capital (for an individual company or for whole economy), reflecting normal wear-and-tear of machinery
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