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Author Question: Explain what entrepreneurship is and why it is considered a factor of production. What will be an ... (Read 61 times)

iveyjurea

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on: Jun 29, 2018
Explain what entrepreneurship is and why it is considered a factor of production.
 
  What will be an ideal response?

Question 2

Gasoline purchases were up 10 last week, even though gasoline prices were 6 cents higher than the week before You see, the law of demand does not hold for gasoline What is being misunderstood in the above statement?
 
  A) Nothing at all.
  B) It implies the demand curve for gasoline is vertical.
  C) It fails to recognize that the demand curve has shifted to the right.
  D) It fails to hold constant all the other factors that influence demand.


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mariahkathleeen

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Entrepreneurship is the resource (the people) that runs businesses. Entrepreneurs organize the other resources, land, labor, and capital. It is a factor of production because people with the desire and talent to successfully organize a business are needed to run businesses.

Answer to Question 2

C


iveyjurea

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

Jossy

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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