Wachenheim, Cheryl J.; Saxowsky, David M. - Department of Agribusiness and Applied Economics, North … - 2002
, labor, capital, and entrepreneurial ability. Profit is presented as earned by management. This traditional list of resources … is respecified. Management is redefined as a specialized type of labor and two additional resources, information and risk … bearing capacity, are added. Profits accrue not to management but to those able to bear the risk inherent in production …