ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Profit
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Hard work
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Risk
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Self-discipline
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Detailed explanation-1: -The reward to Enterprise as a factor of produc on is profit. 1) It can Earn a Loss: It is the only factor that can earn a nega ve return (loss). This does not arise with the other factors of produc on as they are guaranteed a return. 2) Returns can Vary: The returns can vary from super normal profits to losses.
Detailed explanation-2: -profit. satisfaction and a sense of achievement from building something new. being able to build a successful business. receiving positive customer feedback and a good reputation.
Detailed explanation-3: -The profit generated by the organisation is the reward received for coordinating and controlling the other three factors of production namely land, labour and capital. Profits are the extra income which is the difference between the capital used to produce a product and the selling amount of the product.
Detailed explanation-4: -4. Entrepreneur: Profit is the reward for an entrepreneur.
Detailed explanation-5: -Definition of entrepreneurial profit In economics, this is the portion over and above a normal profit for typically competent management. compensation for the expertise and successful effort of a skilled businessperson. In accounting, any and all profit could be attributed to this effort.