Economic+Resources+-+Labor+and+Entrepreneurial+Ability

Labor & Entrepreneur

Labor is a term used for the physical and mental talents of individuals available and usable in producing goods and services. For example the services of anyone doing any particular job would fall under the general heading of "labor". Labor would consist basically of anyone who is working for anyone else. No matter what kind of work it is that they are doing it is considered labor.

Entrepreneur abilities are just a certain kind of labor. The entrepreneur is the person that takes initiative to make the things and they decide to move or branch out to make more companies. They are also the one that creates the idea that starts the company initially or idea that the employees are working to make. The one down side to being an entrepreneur is that you take all of the responsibility. So if the business is unsuccessful they lose money they don't get an hourly wage. If the business flops they end up homeless.

These two were entrepreneurs in the making. This was their first cpu for the apple computer. These two and Ronald Wayne were taking a huge risk when they decided to go forward with their idea. Luckily for them and some other entrepreneurs they hit it big.

media type="youtube" key="l1uuvH16c7E&hl=en&fs=1" height="344" width="425" Watch as this entrepreneur tries very hard to promote their business. But like all other jobs they might not be able to make it out of the market alive. So the entrepreneur will have to take the fall for the profits (a.k.a. her father).

Q1: What is the main risk for being an entrepreneur? (A) their employees don't like them (B) they are very popular with friends (C) they lose all of their money and end up homeless (D) they get rich and retire early [|Wikipedia: Factors of Production] [|How to be an entrepreneur?] [|Everyday Economics: Entrepreneur]

Answer is ....................................C