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Enterprise

QuestionAnswer
Define enterprise The factor of production that organises other factors of production i order to produce a good or service and takes all the risk in order to make a profit
What is the return on enterprise? Profit/loss
How is enterprise different from other factors of production? It can earn a loss. Returns can vary. Return is residual.
Name two kinds of risks Insurable and non insurable
Name 4 kinds of profit. Normal, supernormal, implicit, and explicit.
Name 8 reasons profit is important Risk taking. Indicates best use of resources. Encourages investment. Provide funds for expansion. Continuity of production. Rewards inovation. Provides the government with revenue. Promotes mergers/take overs.
Name 7 reasons entrepreneurs are important Create employment. Organise production. Decide prices. Encourage investment. Provide investment outlet. Generate gov. revenue. Create wealth in country.
Define rent of ability The SNP earned by an entrepreneur due to their innate talent
Created by: JackEatonK98
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