Tag: enterprise
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Enterprise
Enterprise is the risk taking ability of a person. Enterprise involves the combining of all the other 3 factors of production and then taking the risk of producing the products.
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Enterprise-factor of production
Enterprise The people who bring the other 3 factors of production together to produce goods and services are called entrepreneur. In this process they do the decision making and risk taking.
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Labour-factor of production
Labour Manual and mental effort to produce or deliver goods and services People who are willing or able to work are known as labour work force. Examples: Clerks Computer technician level Economics Teacher
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2 Sectors in Business
2 sectors in business Private sector Public sector