Question

Entrepreneurs need to carry out 4 basic actions and they are buying, producing, selling and making profit explain what is meant by each of these actions

Answer 1

Answer:

buying:it means that the entrepreneur has to buy the raw material for what he is going to produce.

producing: it means production of the desired product.

selling: it refers to the sales of the product so produced.the entrepreneur adopts measures like advertising, posters etc. the increase their sales.

making profit:if a entrepreneur does not get profit then how can he do the production of further products.to earn profit the cost price of the product so produced should be less than its sales price.