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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1. Entrepreneurship promotes capital formation by mobilizing the idle saving of the public.
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2. It provides immediate large-scale employment. Thus it helps to reduce unemployment in the country.
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3. It provides balanced regional development.
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4. All of the above
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Detailed explanation-1: -Entrepreneurship promotes economic growth, provides access to goods and services, and improves the overall standard of living. Many entrepreneurs also make a positive impact on their communities and improve their well-being by catering to underserved areas and developing environment-friendly products.
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: -Entrepreneurs have been instrumental in spurring social change and improving the way people live and work. They help raise the standard of living for everyone by creating jobs and making products safer, less expensive, and more functional.
Detailed explanation-4: -Why is Economic Development Important? Attracting and growing businesses strengthens our economy providing locally-produced goods and services. Strong businesses pay taxes that go for vital services such as schools, roads, fire, and police.
Detailed explanation-5: -Entrepreneurs provide job opportunities. Entrepreneurs increase competition & boost productivity. Entrepreneurs create new business & new markets. Entrepreneurs add national income. Entrepreneurs introduce innovative technologies.