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Questions
State any two differences between an entrepreneur and other factors of production.
State one difference between an entrepreneur and other factors of production.
Solution 1
Entrepreneurs and other factors of production:
- An entrepreneur is a person who carries the risk of business and coordinates the activities of all the other factors of production.
- An entrepreneur earns a profit with his innovative ideas, efficiencies and willingness to take risks. Hence, an entrepreneur is the only factor of production which earns a profit.
Solution 2
| Entrepreneur | Other Factors of Production | |
| (1) | An entrepreneur carries the risk of business. | All other factors of production have nothing to do with the risk of business. |
| (2) | The income of an entrepreneur is residual in nature. | Incomes from all other factors are contractual. |
| (3) | An entrepreneur brings other factors together, viz. land, labour and capital. | Land, labour and capital are scattered at different places. |
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