Explain how labour and entrepreneurship are rewarded?
Question: Explain how labour and entrepreneurship are rewarded?
Labour and entrepreneurship are two important factors of production that contribute to the creation of goods and services in an economy. They are rewarded differently depending on the market structure, the demand and supply of their products, and the risks and costs involved in their activities.
Labour refers to the human effort, skills and abilities that are used to produce goods and services. Labour is rewarded with wages or salaries, which are determined by the productivity, education, experience and bargaining power of the workers. Labour can also receive non-monetary benefits such as health insurance, pension plans, paid leave, etc.
Entrepreneurship refers to the initiative, innovation and risk-taking that are involved in starting and running a business. Entrepreneurship is rewarded with profits or losses, which are determined by the revenue, costs, competition and market conditions of the business. Entrepreneurship can also receive non-financial rewards such as recognition, satisfaction, social impact, etc.
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