INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A(n) ____ industry is an industry that is experiencing slow or no increase in demand.
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declining
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global
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mature
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emerging
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fragmented
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Explanation:
Detailed explanation-1: -A declining industry is an industry that is experiencing slow or no increase in demand, has mostly repeat versus new customers, and has limited product innovation.
Detailed explanation-2: -An industry is said to be in decline when it does not keep pace with the rest of the country’s economic growth. Important factors that can cause an industry’s decline are changing consumer preferences, technological innovation, or the emergence of substitutes.
Detailed explanation-3: -Iron Ore Mining in the US Overall, industry-wide revenue has been falling at a CAGR of 1.6% over the past five years and is expected to total $5.1 billion in 2023, when revenue will plummet by an estimated 13.3%.
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