descriptionPublicationkeyboard_double_arrow_right Part of book or chapter of book , Other literature type 01 Jan 1985 English Publisher:Macmillan Education UK

Authors: J. Harvey; M. K. Johnson;

doi: 10.1007/978-1-349-13313-0_23 , 10.1007/978-1-349-23360-1_23 , 10.1007/978-1-349-81181-6_19 , 10.1007/978-1-349-21228-6_17

Entrepreneurship and Profit

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Abstract

Risk arises in particular types of production (e.g. oil-drilling) and where production takes place in advance of an uncertain demand. ‘Entrepreneurship’ accepts this risk, and it has to be paid at least its opportunity cost — ‘normal profit’. The size of normal profit will vary according to the degree of risk involved and the willingness of people to accept that risk.

Related Organizations

University of Reading
United Kingdom

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