ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Entrepreneurs boost economic growth by introducing innovative technologies, products, and services. Increased competition from entrepreneurs challenges existing firms to become more competitive. Entrepreneurs provide new job opportunities in the short and long term.

Detailed explanation-2: -Entrepreneurship Accelerates Economic Growth By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development. So public policy that encourages and supports entrepreneurship should be considered important for economic growth.

Detailed explanation-3: -Create Jobs: With the growth of a business, entrepreneurs look for more people to help them. They buy more material, and from more people. The also hire more people to work for them. Sharing of Wealth: As entrepreneurs grow their business, the people working for them and in related businesses also grow.

Detailed explanation-4: -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-5: -By generating opportunities, the entrepreneur adds to the economic growth. Setting up a new venture leads to creation of new opportunism for labour, supplier of inputs, supplier of industrial equipments, marketing traders etc.