Distinguish between the following:
4. Labour and entrepreneur
Labour
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Entrepreneur
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It refers to the exertion by the human body and mind, with the objective of earning a living.
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It refers to the person who undertakes the task of production. He organises the activities, controls the activities related to production and distribution, and bears the risk of failure of the business.
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They receive wages in return for their services.
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They receive profits in return for their services.
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