One basic difference between "labor" and "entrepreneur" is that
A) labor is hired by a firm, whereas the entrepreneur owns the firm.
B) an entrepreneur has high-level skills, whereas labor does not.
C) labor performs manual work, whereas an entrepreneur performs mental work.
D) education is important for an entrepreneur but not for labor.

Question

Quizplus · Accepted Answer

Labor refers to the employees who are hired by a firm to work for wages, while an entrepreneur is someone who owns the firm and takes risks to start and manage it. Therefore, the basic difference between labor and entrepreneur is the ownership of the firm.

One Basic Difference Between "Labor" and "Entrepreneur" Is That