Entrepreneurship is one among the different types of productive resources that can be applied to produce goods and services.
Enterprise is a human ability or an action of organizing the different types of productive resources to produce goods and services in the most profitable and productive way.
It is a set of skills that individuals may use or apply while trying to produce a good.
Keisha negotiating with her parents and friends to give them a share of profit if they rendered their goods and services and asking permission from her principal is an entrepreneurial tactic which she is using to make her cupcakes sale successful.
<span>In a purely competitive labor market, a profit-maximizing firm will hire labor up to the point where the marginal revenue product of labor equals the revenue product equals the cost of hiring an extra worker. In purely competitive market there are a lot of companies producing a standardized product. The prices of the product are determined by the consumer demand of the product and the supplier is not allowed to decide the price. </span>
External secondary data refers to information that was collected and studied by another party rather than the individual who is looking for it and is usually made public. Examples of external secondary data are censuses, information gathered by governmental agencies or corporate records.
<em>Surveys are considered sources to collect primary data just like interviews.</em>