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TiliK225 [7]
3 years ago
5

What is an entrepreneur? What role do they place in the Factors of Production?

History
1 answer:
Nataliya [291]3 years ago
3 0

Answer:

An entrepreneur is a person who combines the other factors of production - land, labor, and capital - to earn a profit.

Explanation:

The entrepreneur is the one that initiates the process of production by mobilizing the other factors of production. He organizes, manages and controls the affairs of the firm. He is the risk bearer and in consideration of this the profit maker as well. Simply put the entrepreneur is the owner of the business.

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