wiz-icon
MyQuestionIcon
MyQuestionIcon
1
You visited us 1 times! Enjoying our articles? Unlock Full Access!
Question

State two ways through which an entrepreneur contributes towards economic development.

Open in App
Solution

(i) When the entrepreneurs introduce cost reducing or demand creating innovations in various industries, the industrial production helps in economic development.
(ii) Different types of innovations result in higher profits for the entrepreneurs. They generally spend a greater portion of their profits in new-ventures or for productive purposes. Thus higher investment can create greater employment and income opportunities within the country.


flag
Suggest Corrections
thumbs-up
0
Join BYJU'S Learning Program
similar_icon
Related Videos
thumbnail
lock
Understanding Human Capital
ECONOMICS
Watch in App
Join BYJU'S Learning Program
CrossIcon