FACTORS OF PRODUCTION – ENTREPRENEUR OR MANAGEMENT
Meaning of Entrepreneur or Management
An entrepreneur or management refers to the person or group of persons who organize, co-ordinate and control the use of other factors of production. This is the person responsible for directing the affairs of the farm’s administration.
He is the farm manager and the ultimate risk bearer. He takes important managerial decisions involving:
- what to produce,
- how much to produce,
- where to produce,
- what methods of production to use,
- where to sell the produce, and
- when and how to sell the produce.
Characteristics of Management
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