ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Wealth generation: Entrepreneurs frequently target new markets and tap audiences outside the focus of established firms. This creates new sources of revenue and profits. Social change: The innovative goods and services entrepreneurs offer reduce dependence on outdated processes and technologies.

Detailed explanation-2: -Entrepreneurs are important to market economies because they can act as the wheels of the economic growth of the country. By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development.

Detailed explanation-3: -Entrepreneurship creates wealth for the country and also gives rise to many related businesses. The entrepreneurs drive change because of innovation as they develop new products and bring in new technologies that help the economy to grow as a whole.

Detailed explanation-4: -The two main functions of entrepreneurs are first, taking the risk of developing new products or services and, second, successfully bringing new products and services into the marketplace.

Detailed explanation-5: -Entrepreneurs provide job opportunities. Entrepreneurs increase competition & boost productivity. Entrepreneurs create new business & new markets. Entrepreneurs add national income. Entrepreneurs introduce innovative technologies.