--%>

Entrepreneurs and business are at the helm of the economy

Explain the statements: Entrepreneurs and business are at the helm of the economy.

E

Expert

Verified

Entrepreneurs and business are at the helm of the economy, but their commanders are consumers. Although producers are free to choose what products they will produce, if the producers are to maximize profits, these good and services must be consumer’s desire.

   Related Questions in Business Economics

  • Q : The market system provides such a

    Explain the statements: The market system provides such a variety of desired goods and services precisely.

  • Q : Economic sense production methods

    Evaluate and explain the statements: “In the economic sense production methods are the most efficient methods, once resource prices are considered and are lesser in sense of engineering”.

  • Q : Demand forecasting consumer's interview

    consumer's interview method for demand forecasting(point to point explain)

  • Q : Inefficiencies and inequities by

    An employer that exaggerates the safety of a position or the prospects for advancement to job applicants makes inefficiencies as well as arguable inequities due to: (1) signaling. (2) credentialism. (3) screening. (4) adverse selection. (5) a moral hazard.

  • Q : Demand supply with the aim of diagrams

    with the aim of diagrams show the difference between A change in demand and A change in quantity demand

  • Q : Restriction of laissez-faire government

    A laissez-faire government is restricted to finding: (1) property rights within a simple fashion and to enforcing private contracts. (2) market prices which guarantee equitable resource allocations. (c) how resources will be allocated efficiently. (4)

  • Q : Society decide its optimal point on the

    How does society decide its optimal point on the production possibilities curve?

  • Q : Meaning of Economic Development

    Question Discuss what "economic development" means in the context of this game? (Hint: How do you win, and what do you have at the end of the game that you did not have at the beginning of the game?)

  • Q : Illustrate Rational Behaviour of

    Illustrate Rational Behaviour of Economic Perspective?

  • Q : Neoclassical and heterodox production

    One of my friends can't discover the answer of this question. Give solution of this question. Neoclassical production and cost theory is more realistic than and cost theory and heterodox production. Discuss.