INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
make a profit.
|
|
|
save the environment.
|
|
|
provide the best products.
|
|
|
provide a safe working environment.
|
Detailed explanation-1: -The main goal of businesses is to make a profit and governments’ goal is to ensure economic stability and growth.
Detailed explanation-2: -The regulatory functions of the Government include: (i) Restraints on private activities. (ii) Control of monopoly and big business. (iii) Development of public enterprises as an alternative to private enterprises to ensure competitive dualism.
Detailed explanation-3: -Government direct business regulations are federal rules and acts enacted to safeguard businesses and the public interest. Small firms can benefit from these restrictions as they expand. For example, if you operate a construction firm, government rules may demand the use of specific safety equipment on the job site.
Detailed explanation-4: -Government and businesses are the two most powerful institutions in any society. The two together determine public policy, both domestic and foreign, for a country. The policies, practices and regulations of the government influence to a large extent the nature, growth and functioning of the business system.