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Question
What is the difference between a labourer and an entrepreneur?
Distinguish Between
Solution
| Labourer | Entrepreneur |
| Labourers get wages for the tasks they perform. | An entrepreneur hopes to get profit. |
| Labourers have nothing to do with the risks involved in the business. They will be sure to get wages. | An entrepreneur has to bear all risks of business and his income in the form of profit. |
| Wages paid to labourers are contractual. | The income of an entrepreneur (called profit) is residual after making all payments to other factors of production. |
| Labourers are supposed to perform activities allotted to them. | The entrepreneur has to perform all jobs concerning with the business. |
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Distinction Between Labour and Entrepreneur
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