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Define the term Entrepreneurship
Entrepreneurship : An entrepreneur is an individual who takes risks and organises the factors of production to make a product and therefore hopefully profit. Entrepreneurship is the skill of achieving this. It is often thought of as one of the factors of production. Another term for it is enterprise.
• Production Function . The factors of production have to be combined in a particular manner to produce a certain product. Think of baking a cake which involves mixing fixed propor
Question: Product differentiation and entry/exit Two differentiated goods, apples and oranges, are located at the two extremes of a linear product space (a segment of length 1)
using ? tools of economic highlight on comsumption
What have been some justifications given for the historical exclusion of household production from the national accounts? Some reasons have included: a. households are not p
how can draw the table and diagram of production function function with one veriable
brife note on demand
Why do demand curves generally slope downward? The demand curve slopes downward because in general, the higher the price of the good, the fewer people will need to buy it.
Working Capital: A business requires a certain revolving fund of finance to pay for regular purchases of initial labour, raw materials and other inputs to production. Working capit
Yuen, a travelling salesman for snake oil, can produce the stuff at a marginal cost of 1. There are 100 potential customers in Vernon, each of whom has the following demand functio
Indifference curve definition
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