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

Question

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

Team Careers360 · Accepted Answer

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.

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Related Questions

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Question : It involves diversification of economic activities across the geography, sector and technological scope which leads to development of any economy.
Which need for entrepreneurship is highlighted here?

Question : It mobilises factors of production into a productive enterprise or firm.
Which characteristics of entrepreneurship is highlighted here?

Question : Assertion: The Stand-Up India scheme focuses on promoting entrepreneurship among women and SC/ST entrepreneurs.

Reason: It provides financial assistance to micro and small enterprises in rural areas.

Question : Assertion: The Stand-Up India scheme focuses on promoting entrepreneurship among women and SC/ST entrepreneurs.

Reason: It provides financial assistance to micro and small enterprises in rural areas.

Question : Assertion: The Stand-Up India scheme focuses on promoting entrepreneurship among women and SC/ST entrepreneurs.

Reason: It provides financial assistance to micro and small enterprises in rural areas.