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

Principle of economic, You have decided to sell some goods at a local music...

You have decided to sell some goods at a local music festival. You have hired a sales stand for $500. Your cost per item is $3 and you will sell each item for $5. When you did your

Devil''s advocate, Devil's Advocate Explicit role undertaken by a grou...

Devil's Advocate Explicit role undertaken by a group member who actively questions and challenges the group's ideas, procedure, and decisions. Such active questioning helps de

Lnternational trade, state 3 major assumptions which a production posibilit...

state 3 major assumptions which a production posibility is based

Effects on factor prices, Assuming the Heckscher-Ohlin model is true. Suppo...

Assuming the Heckscher-Ohlin model is true. Suppose the Cuba and Russia sign a free trade agreement. Furthermore, assume the Cuba and Russia only produce cigars and vodka. Russia h

Theory of demand, THEORY OF DEMAND: The  consumer behaviour under indi...

THEORY OF DEMAND: The  consumer behaviour under indifferencecurve approach where it is assumed that the consumer possesses a utilityfunction. The next most important theory th

What caused the end of malthusian age, So what caused the end of Malthusian...

So what caused the end of Malthusian age? How did humanity escape from the trap in that invention and ingenuity increased the numbers though not the material well-being of humanity

Economic models, what is the use of models in economics?

what is the use of models in economics?

Nash equilibrium, Think of the Golden Ball game. Now player 1 is money-mind...

Think of the Golden Ball game. Now player 1 is money-minded and jealous, and player 2 is very good-hearted, so the payoff matrix is follows:                                Playe

What are accounting costs and economic costs, It is necessary for the prope...

It is necessary for the proper understanding of the price theory to know the various concepts of cost that are often employed. When an entrepreneur undertakes production of a commo

Explain about capital flight, Q. Explain about Capital Flight? Capital ...

Q. Explain about Capital Flight? Capital Flight: A destructive process in that investors (both domestic residents and foreigners) withdraw their financial capital from a countr

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