INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A local economy is best described as
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The flow of goods and services within a local community
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The flow of goods and services in international trade
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An economic system based on foreign exchange rates
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An economic system dominated by nonprofit organizations
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Explanation:
Detailed explanation-1: -Local economies refer to economic and social systems that are part of a specific community. For example, a typical local economy may have residents who dine at a local independent restaurant. The restaurant employs residents from the community and buys goods and services from other local businesses.
Detailed explanation-2: -Real flow refers to the flow of goods and services across different sectors of the economy.
Detailed explanation-3: -National income means the value of goods and services produced by a country during a financial year. Thus, it is the net result of all economic activities of any country during a period of one year and is valued in terms of money.
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