Distinguish wage emplyement, income generation and entrepreneurship
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THE WAGE EMPLOYMENT MEANS THE LABOUR WHO WORKING IN THE FACTORY FOR PARTICULAR AMOUNT OF WAGES.... THE ENTREPRENEURSHIP MEANS WHERE THE EMPLOYEE ARE WORKING FOR THE PARTICULAR AMOUNT OF SALARY.
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Wage employment
- In case of wage employment the person works for another enterprise or organisation which is usually under a contract .
- The person recieves wages or salaries monthly, weekly or daily for the work done.
Income generation
- It is a process of indulging in activities(one or more than one) or achieving certain goals and targets through which a person can earn income.
- A person can have more than one source of income such as share market income, wages, profits, rent etc.
- This may or may not require working under another person.
- It can include income both from wage employment as well as entrepreneurship.
Entrepreneurship
- It is setting up of business or activity of taking risk in order to reap profits.
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