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

Production function, A competitive firm produces output using three fixed f...

A competitive firm produces output using three fixed factors and one variable factor. The firm’s short-run production function is q = 154x – 5x2, where x is the amount of variable

Aspects of basic analytical frameworks in modern economics, What are the ba...

What are the basic analytical frameworks of modern economics? The fundamental analytical framework of modern economics: The fundamental analytical framework for an econom

Microeconomics, I need help on MCQs on international trade and imperfect co...

I need help on MCQs on international trade and imperfect competetion

Returns to scale, describe returns to scale and give examples of each.

describe returns to scale and give examples of each.

Determine the sources of divergence, Sources of Divergence The principa...

Sources of Divergence The principal cause of extraordinary variation in output per worker between countries today are differences in their corresponding steady-state capital-ou

Opportunity cost, there are 1 million hours of labor available for making c...

there are 1 million hours of labor available for making cars in the north, and another 1 million hours of labor available for making cars in the south. in a no-trade world, let''s

What is the difference between price value and price level, What is the dif...

What is the difference between price value and price level?  Price value is the value of commodity bought by the consumer at a certain price from the market, while, price level

Return on equity and sales tax, Return on Equity: It's a measure of busine...

Return on Equity: It's a measure of business profitability equal to net after-tax income divided by average level of shareholders' equity in the business. Sales Tax: A tax im

Monopoly market, Question : (a) Differentiate between the characterist...

Question : (a) Differentiate between the characteristics of a perfectly competitive market and those of a monopoly market structure. (b) To what extent is a monopoly mark

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