Question : The important indicator of economic development is increase in GDP. As income is generated in the production, entrepreneurship generate income through organisation of production. Which need for entrepreneurship is highlighted here?
Option 1: Contribution to GDP
Option 2: Capital formation
Option 3: Generation of employees
Option 4: Generation of business opportunities for others.
Correct Answer: Contribution to GDP
Solution : Increase in GDP is considered as the most important indicator of economic development. As income is generated in the production, entrepreneurship generate income through organisation of production. Hence Option A is correct.
Question : Entrepreneurship provide livelihood to those who neither have capital to earn interest nor had land to earn rent. Which need for entrepreneurship is highlighted here?
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 involves improving process, reducing wastage, increasing yield and bringing technical progress by altering labour capital ratio. 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 : It aims to conduct a lawful business. The purpose of entrepreneurship is to create value for personal profit and social gain. Which characteristics of entrepreneurship is highlighted here?
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