times we would see and smell the burning from different vicinities‚ and the smoke is such a nuisance. The smoke pollutes the air and it has an effect on global warming. The burning of garbage affects the environment by destroying the land‚ a factor of production. It is very unhealthy and it can cause an illness many people who inhale the smoke. Whenever we smell the smoke‚ my parents ensure me to lock up all windows and the door so the odour doesn’t enter‚ since I suffer from asthma. There is this
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Production is bound to take place with the combination of factors of production called as land‚ labor‚ capital and organization. In modern economics‚ enterprise has come to occupy a very important role in production so as to deal with that on a separate footing as an agent of production. Production‚ according to Hicks‚ is "any activity directed to the satisfaction of other people’s wants through exchange". Production in economics means creation of economic utilities‚ as man cannot produce matter
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theory was invented by Economist Theodore Schultz‚ who “believed human capital was like any other type of capital; it could be invested in through education‚ training and enhanced benefits that will lead to an improvement in the quality and level of production” (“Investopedia”). Human capital is an individual investment made by a person. Gaining an education makes an individual smarter and more employable; this makes it easier for the individual to find a job. Gaining a basic K-12 education gives you
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researchers in the field of entrepreneurship: The more traditional group of researchers has focused on the personality characteristics of the individual‚ the internal factors‚ whilst a second group of researchers have taken a social cognitive approach. They look at the relationship between an individual and his or her environment. The external factors include culture‚ role models‚ work experience‚ education‚ and environment. This essay looks at the early definitions of an entrepreneur‚ evaluates the literature
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increase the profits for the entrepreneur. This induces the producers to go in for more production. In other words‚ when the consumers’ demand for any product decreases‚ the price would fall thereby reducing the profits for the entrepreneur and the production also goes down. Deciding how to produce? An entrepreneur produces his goods with that technique of production which renders his cost of production minimum. If labor is relatively cheap he will use labor intensive method and if labor is
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activities relating to the production and distribution of goods‚ services and ideas with a view to earning profit. The circular Flow Between Business and household: In the private enterprise system the factor of production are owned by individuals in household. Businesses must pay the member of the householders in order to acquire the factors of production. The householder members in turn receive various types of income to supply the factors of production. Rent profit Wages interest
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other companies and other factors tied together in the value-added chain‚ in customer-client relation‚ or in local or regional contexts Key Factors in a diamond model for analyzing competitiveness * Factor conditions are human resources‚ physical resources‚ knowledge resources‚ capital resources and infrastructure. Specialized resources are often specific for an industry and important for its competitiveness. Specific resources can be created to compensate for factor disadvantages. * Demand
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Entrepreneurship is the capacity and willingness to develop‚ organize and manage a business venture along with any of its risks in order to make a profit. However‚ some school of thought would define an entrepreneur as one who manages the factors of production in order to first satisfy or meet human needs and not primarily for the desire to make profit. The most obvious example of entrepreneurship is the starting of new businesses. Entrepreneurs occupy a central position in a market economy serving
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stationary. * Production process remains unchanged over time. * Homogeneous goods. * Factors of production enjoy freedom of mobility but do not move because their marginal product in very industry is the same. * There is no uncertainly and risk. If there is any risk‚ it is insurable * All firms make only normal profit. A dynamic economy is characterized by the following features: * Increase in population. * Increase in capital. * Improvement in production techniques.
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The entrepreneur and entrepreneurship February 4‚ 2009 at 12:55 am (P.O.B Lessons) The entrepreneur is a human factor of production whose main functions are to organise the other factors of production and bear risks. The entrepreneur consciously moves resources from an area of lower productivity and lower yield to an area of higher productivity and higher yields. The entrepreneur may also be seen as one who creates a new business in the face of risk and uncertainty‚ for the purpose of achieving
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