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

Imf-world bank harmony, IMF-World Bank Harmony: Bretton Woods institut...

IMF-World Bank Harmony: Bretton Woods institutions work in tandem. World Bank BOP support is not available with a Fund Programme, while a Fund Programme cannot be finalised w

Describe positive and a negative externality, 1). Define and explain the co...

1). Define and explain the concept of an externality. Provide examples of both positive and a negative externality. 2). The Prisoner's Dilemma Exercise:

What is average revenue and average revenue curve, What is average revenue ...

What is average revenue and average revenue curve Average Revenue:   The average revenue is the total revenue separated by the level of output. It is therefore the price.

Market supply of labour, Use a graphical illustration to describe briefly w...

Use a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more women en

find the equilibrium quantity and demand curve, Consider a non-renewable r...

Consider a non-renewable resource. There are two periods, now and later. The demand curve in each period (t = 1, 2) is Qt = 10 - Pt. The stock of the resource is 10 units. Extracti

Measures to control inflation, Measures to control inflation: Fiscal po...

Measures to control inflation: Fiscal policy is one of the two main macroeconomic policies used to control aggregate demand and thereby achieve economic stability. Fiscal meas

Employee ownership stock plan (esop), A trust is build to acquire shares in...

A trust is build to acquire shares in organizations for subsequent allocation to employees over time by time.

Describe the features of monopolistic competition, It is important to under...

It is important to understand the important characteristics of monopolistic competition. The knowledge of these features will enable the students to know how this form of market st

Elasticity, what are the uses of elasticity to the private sector

what are the uses of elasticity to the private sector

Demand, demand elasticity in urdu

demand elasticity in urdu

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