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Questions
What is an entrepreneur?
Give the meaning of an entrepreneur.
Who is an entrepreneur?
Short Answer
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Solution
- An entrepreneur is the one who organises production, takes important decisions regarding production, hires or purchases factors of production and bears the risk and uncertainty involved in production.
- The production is full of risks and uncertainties.
- The entity that bears risk is called enterprise and the person who bears these risks of business is called an entrepreneur.
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Notes
Students should refer to the answer according to their questions.
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Chapter 1: Factors of Production - Exercise [Page 32]
