Distinguish between labour and entrepreneur
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We now extend our analysis of general equilibrium to the sphere of production. Production of goods requires the use of inputs or factors of production. The level of production of goods depends upon the allocation of resources to them
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Labor is defined as the physical work done by humans to produce goods and services. It is considered as the factor of production in the economics. Labor work is done on the instruction of the manager of the production area.
On the other hand, entrepreneur is person who brings an idea and works on it to make it real. An entrepreneur is very different from labor because he has the organizational ability, attitude of risk, ability to make quick decisions, and negotiating skills.
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