Question

Melina and carl want to start an event management company that would provide local artists with a platform to showcase their talent and gain an audience. melina and carl are willing to invest their own resources in this project. in the context of factors of production, the given scenario exemplifies the concept of _____.

Answer 1

In the context of factors of production, the given scenario exemplifies the concept of "entrepreneurship".

Entrepreneurship is the way toward planning, propelling and maintaining another business, which is regularly at first a private company. The general population who make these organizations are called entrepreneurs.

Entrepreneurship has been depicted as the "limit and readiness to create, sort out and deal with a business wander alongside any of its dangers keeping in mind the end goal to make a profit". While meanings of business ordinarily center around the starting and running of organizations, because of the high dangers associated with propelling a start-up, a noteworthy extent of new companies need to close because of "absence of financing, awful business choices, a monetary emergency, absence of market request—or a mix of these.