ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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they maximise profits by providing various goods and services
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they always try to upgrade their life
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they try to contribute toward economic development of the country
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they try to overcome competitors using various ways.
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Detailed explanation-1: -A businessman follows an established path engraved by someone with an unoriginal idea, but an entrepreneur believes and thinks about making his/her own path with new ideas. A businessman runs an undertaking or a business, whereas an entrepreneur runs a startup with an original, innovative product/idea.
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: -Entrepreneurs are the founders and creators of new products or services, while small business owners start a type of business that already exists within the marketplace. For example, an entrepreneur starts a revolutionary new type of equipment to cut hair, whereas a business owner opens a haircutting salon.
Detailed explanation-4: -Apart from combining the factor of production, they also introduce new ideas and new combination of factors. They always try to introduce newer and newer technique of production of goods and services. An entrepreneur brings economic development through innovation.