The act of working under a firm and being paid a salary. The act of creating something new, of value, and accepting the risks involved.

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Presentation transcript:

The act of working under a firm and being paid a salary. The act of creating something new, of value, and accepting the risks involved therein.

To look after other factors of production and make sure that they are used appropriately. To organize a company and manage it while accepting the risks involved.

FalseTrue

Managerial Labor Work Supervising Setting Up Firm Decision Making Risk Bearing Organizational Producing Goods

Willingness to bear risks Good communication skills Leadership Willing to travel Social Nature Readiness to take risks Leadership Willingness to Innovate

TrueFalse

YesNo

To help people start new companies To create awareness about the production of goods To streamline the public industry To increase use of new technology To increase per capita income To decrease national output To increase national output To create self-employment

Invents new factors of production Makes projects and plans for the company Introduces profitable innovations Implements new setup plans

TrueFalse

YesNo

Yes No

Entrepreneur earns wages. Laborer does not earn wages. Entrepreneur has to bear risks. Laborer does not have to bear risks. Entrepreneur works under supervision. Laborer manages the firm. Entrepreneur gets profit. Laborer earns wages.