(9) -Labour -capital -enterpreneur * Labour is defined as all forms of human efforts put into or utilized in production. It also refers to all man’s physical and mental and physical exertions in the process of production. The reward for labour is wages and salaries. Example of Labour are doctors and carpenters. * Capital may be defined as man-made assets used in production. It can also refer to the man-made wealth and services used to produce other goods and services. The reward for capital is interest. Examples are buildings and machinery. * Entrepreneur can be defined as the factor of production and organizes other factors of production (land, labour and capital) in order to produce goods and services. The entrepreneur bears the risks and takes major decisions of the business. The reward for entrepreneur . Examples are sole proprietor and partnership.
Posted on: Mon, 25 Nov 2013 09:25:45 +0000
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