Explain what an entrepreneur is and its function
What will be an ideal response?
An entrepreneur is a person who organizes, manages, and assumes the risks of a firm, taking a new idea or a new product and turning it into a successful business.
You might also like to view...
Economic analysis assumes that
a. people act only out of selfish motives. b. people are motivated by a variety of forces; however, changes in personal benefits and costs affect behavior only when individuals are motivated by selfishness. c. people are basically unselfish, and their actions are, therefore, difficult to predict. d. changes in the personal benefits and costs associated with an activity will exert a predictable influence on the behavior of both those who are selfish and those who are unselfish.
Which one of the following statements best describes profit sharing?
A. It discourages free-riding among workers. B. It is a program that donates profits to the poor. C. It ties pay to the performance of individuals. D. It provides a system by which workers receive a share of the firm's profits. E. It is an equal division of all revenues among workers.
The outcome of the state of nature effects the payoff to the agent under a
A) fixed-fee contract. B) hire contract. C) contingent contract. D) All of the above.
Either OR Decision
What will be an ideal response?