ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Organizes the other factors of production
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Makes sure the company turns a profit
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The person who works with the government to make sure the business is following the law.
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The person who produces the company’s products.
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Detailed explanation-1: -An entrepreneur is a person who combines the other factors of production-land, labor, and capital-to earn a profit. The most successful entrepreneurs are innovators who find new ways to produce goods and services or who develop new goods and services to bring to market.
Detailed explanation-2: -Entrepreneurship is the secret sauce that combines all the other factors of production into a product or service for the consumer market.
Detailed explanation-3: -Entrepreneurs are the people who combine the other factors of production – land, labor and capital – to generate profit.
Detailed explanation-4: -The entrepreneur organize the production unit by maintaining the firms and by bringing the labour by paying wages and also the renting of the places for production and many more efforts has to be done by the entrepreneur to run the production unit.
Detailed explanation-5: -Factors of production are the building blocks for goods and services in an economy. The four factors of production are land, labor, capital, and entrepreneurship.