Entrepreneur, Microeconomics

Assignment Help:

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.


Related Discussions:- Entrepreneur

Balancing formulas, How do I balance this chemical equation: MgSO4*5H2O

How do I balance this chemical equation: MgSO4*5H2O

What are the properties of cost function, What are the properties of cost f...

What are the properties of cost function? Properties of Cost Functions: Some similarities are here with consumer theory. Such similarities are actually exact while one compa

Why is capital formation important in economic growth, Capital make large s...

Capital make large scale production and greater degree of specialization possible. Thus with capital accumulation the advantages of large scale production and specializations are o

Significance of education to economic development, Normal 0 fal...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Demand for the big mac on the rise, Illustrate and explain the changing dem...

Illustrate and explain the changing demand for big mac using the indifference curve and budget line.

Bertrand paradox, Consider the following duopoly with differentiated goods ...

Consider the following duopoly with differentiated goods where x 1   and  x 2   denote the amounts of the goods 1 and 2  respectively, with prices p 1   and  p 2 . The demand funct

Supply, Clearly explain the distinction between supply, demand and equilibr...

Clearly explain the distinction between supply, demand and equilibrium price.

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd