All categories

4 years ago

3. Why is the role of an entrepreneur so important?

Law

1 answer:

lorasvet [3.4K]4 years ago

3 0

Answer:

Question 1

A person responsible for introducing and building a business or an entity, is personally liable for debts, with the main aim of making profits is known as an Entrepreneur.

The Importance of an Entrepreneur's role cannot be far-fetched as he/she is involved in the activating and stimulating of economic activity through the combination of other factors of production i.e. land, labor and capital to produce, manufacture and distribute goods and services for the benefit of the consumer and/or society through the creation of an entity. The formation of new entities by entrepreneurs can result in a decrease of unemployment and also aid the generation and redistribution of economic wealth in the society.

Question 2

Land- it is a natural resource that comprises the major surface of the earth. The productivity of a business organization is tied down to having a particular location for the smooth running of a business. Every business oriented person or organization needs a spot to execute their business ideas.
Labor- Human efforts and resources are always needed in the production of goods and services. Even with the advent of artificial intelligence in some business organizations, human labor is still required and this shows how important Labor is to production.
Capital- Every business needs a start-up capital (money)to effectively run the business. The other factors of production rely on this factor because, without capital (money), the land cannot be maintained and neither will the human factor (labor). For instance, on a farm, capital is needed to purchase some machinery like tractors, raw materials, among other types of equipment.

Question 3

Opportunity costs shape economic decisions in ways that help decision-makers (especially policymakers) to choose the best option from other alternatives after much consideration of the factors of productions, potential risks and the returns of investment of projects at hand. It is the amount of what you forego in order to purchase another option(goods) in return. That an individual chooses a particular option over the other, does not mean it is of less importance.

Question 4

Marginal cost is the amount of money it will take to produce an extra unit of a good or services.

Marginal help in managerial decisions through the identifying of best resource allocation given the constraints of the business, formulating of best price for the produced goods and services and also in comparing alternative production techniques, in line with the organization’s goals. You plan to produce 20 items for 200 dollars and let's say along the line you discovered you need to produce an additional 5 items, making it 25 items at 300 dollars. So, the formula for calculating your marginal cost is; Change in cost divided by change in quantity i.e 300-200 divided by 25 minus 20= 100/5=20 which is the cost of producing the additional 5 units.

Question 5

The Production Possibilities Curve- A graphical representation that shows the different combinations of two goods produced in an economy when allocated resources are efficiently utilized.For instance, you have a bucket of water and you use it to produce 10 items today, subsequently, you add one more bucket of water, making it two. so instead of the 10 you previously produced, you will now produce 20 items. Normally, in the graph, an increase in one side leads to an increase in the other side and this causes the production curve to move outward, showing the increase in economic growth. Where the curve moves inward, it means there is a decrease in economic growth.

Question 6

Economic efficiency also known as economic growth is when all goods and factors of production in an economy are distributed or allocated and are well utilized and waste is minimized. Efficiency in an economy or a society is important because allocated resources are fully utilized by the social and economic losses, and benefits are equally shared. It also means the capacity or ability to produce more goods and services considering the resources put in place.

You might be interested in

What principle is used to create state legislative districts?

lys-0071 [83]

Answer:

Following the distribution of congressional seats among the states, which is based on population counts from the decennial census, each state with multiple seats is responsible for creating congressional districts to choose representatives.

5 0

2 years ago

Reserved powers are powers that are reserved for the federal government. <br> T <br> F

m_a_m_a [10]

Answer:

reserved powers are powers reserved to the state Delegated powers are powers reserved to the federal government and Concurrent powers are powers reserved to both state and federal government

Explanation:

3 0

3 years ago

Read 2 more answers

WILL MARK BRAINLIEST!!! 100 POINTS!!! For this project, you have the opportunity to be the author and write brief newspaper arti

LUCKY_DIMON [66]

Answer:

Manufacturers are used to defending strict product liability actions when plaintiffs claim that their products are defective. But in the opioid litigation, plaintiffs have filed something else: more than 2,500 public nuisance cases so far.

Governmental entities across the country are filing suits alleging that opioid manufacturers deceptively marketed their legal, opioid-based pain medications to understate the medication’s addictive qualities and to overstate its effectiveness in treating pain. In addition, plaintiffs allege that opioid distributors failed to properly monitor how frequently the medication was prescribed and failed to stop filling prescription orders from known “pill mills.” The complaints claim that manufacturer defendants’ deceptive marketing schemes and distributor defendants’ failure to monitor led more people to become addicted to painkillers, which led to people turning to illegal opioids. The legal argument here is that the defendants’ actions in concert interfered with an alleged public right against unwarranted illness and addition. But is public nuisance law likely to be a successful avenue for prosecuting these types of mass tort claims? It has not been in the past.

This is the first of two posts that will address how plaintiffs have historically used public nuisance law to prosecute mass tort claims and how the plaintiffs in the current opioid litigation may fare.

Overview of Public Nuisance Law

In most states, a public nuisance is “an unreasonable interference with a right common to the general public.”[1] This definition is often broken down into four elements: (1) the defendant’s affirmative conduct caused (2) an unreasonable interference (3) with a right common to the general public (4) that is abatable.

Courts have interpreted these elements in different ways. For example, courts in Rhode Island and California have disagreed about when a public nuisance is abatable: the Rhode Island Supreme Court held that this element is satisfied only if the defendant had control over what caused the nuisance when the injury occurred, while the a California Court of Appeal held that the plaintiff need not prove this element at all.[2] And while the federal district court in Ohio handling the opioid multidistrict litigation (MDL) has held that the right to be free from unwarranted addiction is a public right,[3] the Supreme Court of Illinois held that the right to be “free from unreasonable jeopardy to health” is a private right and cannot be the basis of a public nuisance claim.[4]

Roots of Public Nuisance Law in Mass Tort Cases

Plaintiffs litigating mass tort cases have turned to public nuisance law over the past decades. In the 1980s and 1990s, plaintiffs unsuccessfully attempted to use it to hold asbestos manufacturers liable.[5] In one case, plaintiffs alleged that defendants created a nuisance by producing an asbestos-laced product that caused major health repercussions for a portion of the population. Plaintiffs argued that North Dakota nuisance law did not require defendants to have the asbestos-laced products within their control when the injury to the consumer occurred. Explicitly rejecting this theory, the Eighth Circuit held that North Dakota nuisance law required the defendant to have control over the product and found that defendant in the case before it did not have control over the asbestos-laced products because when the injury occurred, the products had already been distributed to consumers. The Eighth Circuit warned that broadening nuisance law to encompass these claims “would in effect totally rewrite” tort law, morphing nuisance law into “a monster that would devour in one gulp the entire law of tort.”[6]

3 0

3 years ago

A tax professioanl will know a taxpayer is a stautory employee if what?

horrorfan [7]

Answer:

If I help you will you help me

Explanation:

8 0

3 years ago

Write the two ways by which citizen acquires citizenship ?

barxatty [35]

Answer:

visas and green cards

Explanation:

4 0

3 years ago

Read 2 more answers