Advertisements
Advertisements
Question
The income earned by an entrepreneur is residual in nature. Explain.
Solution 1
Entrepreneurs' income is residual in nature, as they bear risk, and the reward of risk is profit. Profit is the income remaining after deducting all the direct and indirect expenses.
Solution 2
An ecosystem is a group of living and non living though that work together in a particular geographical area.
APPEARS IN
RELATED QUESTIONS
Explain the role of an entrepreneur in the economic development of the country.
State any two differences between an entrepreneur and other factors of production.
Distinguish between an entrepreneur and an organiser.
Why is the income of an entrepreneur residual in nature? Discuss any three functions of an entrepreneur.
A businessman stocks potatoes in the cold storage during the winter and releases that stock during summer. Will this be considered as production? Give a reason for your answer.
Discuss the risk-bearing functions of an entrepreneur.
Mention five qualities of a good entrepreneur.
The entrepreneur is also called ______.
Mention any three decision making functions of an entrepreneur.
The ______ has to decide the reward for each factor of production.
In the realm of economic development, how does the role of entrepreneurs impact the overall growth and stability of a nation.
Which of the following is not a function of an entrepreneur?
______ is a person who starts a business.
______ is the most important and specific function of an entrepreneur.
Identify the correct statement from the following:
______ earns income in the form of profit as a factor of production.
Which function of an entrepreneur allows him to decide the reward that each factor of production should get?
______ should have the quality of farsightedness.
Discuss the decision-making function of an entrepreneur.
'Entrepreneur is not labour even though there are human factors associated with the same business'. Explain.
Explain the importance of an entrepreneur.
'An entrepreneur is an organiser but an organiser need not be an entrepreneur'. Explain.
Name the factor of production to which uncertainty-bearing belongs.
