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Home Economic Resources Entrepreneur as a Factor of Production


Entrepreneur as a Factor of Production:




The entrepreneur is an organizer. He is the person who organizes production by bringing together the other three factor of production land, labor and capital.


Benham defines:


"An entrepreneur as a person who controls the policy of the firm".


Functions of an Entrepreneur: 


An entrepreneur performs the following functions:


(i) He conceives the idea of launching the project.                 


(ii) He mobilizes the resources for smooth running of the project.


(iii) The decision of what, where and how to produce goods are taken by the entrepreneur.


(iv) He undertakes the risks involved in production.


(v) He is an innovator. He innovates new techniques of production, new products and brings improvements in the quality of existing products. He is in fact the captain of the industry.  


(vi) In a Joint stock Organization, the entrepreneurial functions are shared between the shareholders, the directors and the top executives

Relevant Articles:

Economic Resources
Land as a Factor of Production

Labor as a Factor of Production

Entrepreneur as a Factor of Production
Division of Labor
Mobility of Labor
Capital as Factor of Production
Capital Formation

Capital Market


Principles and Theories of Micro Economics
Definition and Explanation of Economics
Theory of Consumer Behavior
Indifference Curve Analysis of Consumer's Equilibrium
Theory of Demand
Theory of Supply
Elasticity of Demand
Elasticity of Supply
Equilibrium of Demand and Supply
Economic Resources
Scale of Production
Laws of Returns
Production Function
Cost Analysis
Various Revenue Concepts
Price and output Determination Under Perfect Competition
Price and Output Determination Under Monopoly
Price and Output Determination Under Monopolistic/Imperfect Competition
Theory of Factor Pricing OR Theory of Distribution
Principles and Theories of Macro Economics
National Income and Its Measurement
Principles of Public Finance
Public Revenue and Taxation
National Debt and Income Determination
Fiscal Policy
Determinants of the Level of National Income and Employment
Determination of National Income
Theories of Employment
Theory of International Trade
Balance of Payments
Commercial Policy
Development and Planning Economics
Introduction to Development Economics
Features of Developing Countries
Economic Development and Economic Growth
Theories of Under Development
Theories of Economic Growth
Agriculture and Economic Development
Monetary Economics and Public Finance

History of Money

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