There Are Four Factors of Production Required for an Economic

question 63

Essay

There are four factors of production required for an economic system to thrive and create wealth.Entrepreneurship is one of them.Explain and give examples of how an entrepreneur would employ the other factors of production in an effort to grow and maintain a business.

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Definitions:

Manager's Role

The responsibilities and duties assigned to a managerial position, including overseeing operations and leading teams.

Errant Behavior

Errant behavior refers to actions taken by an employee that deviate from the expected norms or rules of an organization, potentially leading to disciplinary action.

Performance Problems

Issues or difficulties related to an individual's or organization's ability to achieve expected results.

Personnel Policies

Policies that govern the management of employees in an organization, encompassing hiring practices, workplace conduct, benefits, and procedures for addressing grievances and discipline.