ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Entrepreneurs are our community leaders.
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Entrepreneurs help stabilize and grow the economy with their ability to discover new business.
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Entrepreneurs make all their own rules and new products come from them.
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Entrepreneurs rely only on themselves and do not hire anyone else
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Detailed explanation-1: -Entrepreneurs serve as the catalysts in the process of industrialization and economic growth. Technical progress alone cannot lead to economic development, unless technological breakthroughs are put to economic use by entrepreneurs. It is the entrepreneur who organizes and puts to use capital, labour and technology.
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 play a pivotal role in the growth of the economy. They spur industry innovations, create new market opportunities, and support the development of communities.
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.
Detailed explanation-5: -Entrepreneurship usually plays a key part in contributing to the country’s national economy by generating wealth and paying taxes, which generally adds to a country’s gross domestic product (GDP). Entrepreneurs not only invest their own money, but they also draw money from the market.