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: -A person who undertakes the risk of starting a new business venture is called an entrepreneur. An entrepreneur creates a firm to realize their idea, known as entrepreneurship, which aggregates capital and labor in order to produce goods or services for profit.

Detailed explanation-4: -Economic growth is the increase in the value of an economy’s goods and services over time. Real gross domestic product is the best way to measure economic growth, because it removes the effects of inflation. The government stimulates growth with expansive fiscal policy by spending more or cutting taxes.

Detailed explanation-5: -Imitating Entrepreneurs These entrepreneurs help to improve an existing product or production process and can offer suggestions to enhance the use of better technology.