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Entrepreneur

Suppose you a...

Question

Suppose you are starting an economics tutoring institute. What are the factors you would consider as an entrepreneur for providing the service of education?

A

Hiring tutors

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B

Facilitating classrooms

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C

Advertising

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D

Taking a loan for daily functioning

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Solution

The correct option is D Taking a loan for daily functioning
Every production requires factors of production: land, labour, capital, and entrepreneurship. In the venture of starting a tuition centre, one might require a classroom as land, tutors as labour, and money as capital. However, advertising is not an essential factor for the production of the service.

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