Question : It involves improving process, reducing wastage, increasing yield and bringing technical progress by altering labour capital ratio.
Which need for entrepreneurship is highlighted here?
Option 1: Improvement in economic efficiency
Option 2: Increasing spectrum and scope of economic activities
Option 3: Impact on local communities
Option 4: Capital formation
Answer (1)
25th Jan, 2024
Correct Answer:
Improvement in economic efficiency
Solution :
Efficiency means to have greater output from the same input. It involves improving process, reducing wastage, increasing yield and bringing technical progress by altering labour capital ratio.
Hence Option A is correct.
Comments (0)
