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Chapter 4 Results

Abstract

The nature and role of business have changed over time from the era of early industrialization to the postmodern contemporary economy (Almquist, Senior & Bloch, 2016). Organized units of production transformed from being focused on agriculture to industry. (Kumar & Reinartz, 2016). Thus, in the early 20th century, entrepreneurs organized the factors of production to transform inputs to outputs with the sole purpose of profit.

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