The remuneration of the entrepreneur as a factor of production is called

Assessment: WAEC SSCE - Economics - 2005 (Objective) Subject: Economics

Question 1 Report

The remuneration of the entrepreneur as a factor of production is called
Answer Details
The remuneration of the entrepreneur as a factor of production is called profit. Profit is the reward or income earned by an entrepreneur for taking risks and successfully operating a business. It is calculated by subtracting the total cost of production from the revenue generated from sales. Profit represents the residual income that remains after all the other factors of production, such as labor and capital, have been compensated for their contributions. In contrast, wages and salaries are paid to employees for their labor, and interest is paid to lenders for the use of capital.
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