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

Discriminatory fee structure, Discriminatory Fee Structure This method...

Discriminatory Fee Structure This method discriminates between courses and the economic condition of the family to which the student belongs. The cost of providing the educati

What do you meant by enclosures, Q. What do you meant by Enclosures? En...

Q. What do you meant by Enclosures? Enclosures: A historic process in Britain and other European countries, in very early years of capitalism, in that lands formerly held and u

Theory of multiplier, income generation in a static and dynamic setting

income generation in a static and dynamic setting

Equalibrian, Imagine a country where plane and train services between two m...

Imagine a country where plane and train services between two main cities are both provided by private companies, and, from a consumer perspective these services are viewed as subst

Explain content of factor markets and distribution of income, Explain about...

Explain about the content of factor markets and the distribution of income. Content of factor markets and the distribution of income: a. Factor distribution of income b.

Determine the increase in money supply, Is it true to say that inflation ca...

Is it true to say that inflation can only sustain with the increase in money supply?  Inflation can only be sustained if there is a persistent enhance in money supply. If there

Explain the evolution of exchange rate system, Problem 1 (a) Explain th...

Problem 1 (a) Explain the evolution of exchange rate system in Mauritius. (b) According to you, what factors determine exchange rates in the long run? Problem 2 "Inf

What is expenditure function, What is Expenditure Function? The Expendi...

What is Expenditure Function? The Expenditure Function: When preferences satisfy the local nonsatiation assumption, in that case v(p, m) will be strictly increasing into m.

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