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marysya [2.9K]
3 years ago
11

Discuss any five roles ofentrepreneurship in the economicgrowth of a country ​

Business
1 answer:
kozerog [31]3 years ago
7 0

Explanation:

1. Entrepreneurs create new businesses

Entrepreneurs are not the only ones who benefit from their enterprises. They give direct and indirect employment for several people in a country. Lack of employment is a big issue in several countries regardless of whether they are developed or not. Through employment, employers are effective in eradicating the chronic problem of unemployment in the country, this in turn creates a path for economic growth of the country. Entrepreneurial growth is seen as a vehicle for generating employment since it promotes both small and large businesses. Some nations that are more developed can be leaders in entrepreneurial activities. Developing countries such as Ghana can benefit from experiences of developed nations such as Japan, USA and UK.

2. Entrepreneurs add to the income of the nation

Entrepreneurs literally produce new wealth. Existing businesses may stay confined to existing markets and may get high returns. New and improved products, services or technology from investors enable the development of new markets and the creation of new wealth. The cascading impact of higher employment and better earning contribute to an improved national revenue because of taxes and higher government expenditure. The government can use these earnings to invest in other sectors that are struggling and for human capital.

2. Entrepreneurs add to the income of the nation

Entrepreneurs literally produce new wealth. Existing businesses may stay confined to existing markets and may get high returns. New and improved products, services or technology from investors enable the development of new markets and the creation of new wealth. The cascading impact of higher employment and better earning contribute to an improved national revenue because of taxes and higher government expenditure. The government can use these earnings to invest in other sectors that are struggling and for human capital.

3. Creation of social change

Entrepreneurs offer new goods and services which directly support freedom by lessening dependence on outdated technologies and systems. This in turn improves the quality of life, boosts morale and economic freedom. If people have to stop working and travel far off for their needs, it would greatly affect their ventures, income and productivity. With needs taken care of and resources close by, they are able to concentrate on their jobs without worrying about the basic needs. They devote more time to work, hence bringing about economic development.

4. Economic and community development

Promoting small businesses does not require a lot of capital; meaning they can be started in semi-urban and rural areas. These businesses will create employment in these regions and therefore reduce rural-urban migration. Since a large population of Ghanaians live in the rural areas, the government should put in place measure to encourage entrepreneurship. Small businesses in these areas also use local resources and are convenient to rural and semi-urban areas.

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How do patents encourage technological progress
Setler79 [48]
Patents are used to balance the right of the individual with the concept of the public good. In general, the purpose of a patent is two-fold: to allow the inventor of some new thing to retain exclusive rights as to its use for a limited period of time, and after that time to ensure that the details of the invention are available for public use. 
By granting the patent-holder exclusive rights to their invention, use and duplication of the invention is at the sole discretion of the inventor, potentially allowing them to profit from it. However, after a period of time those exclusive rights cease to apply, and the new invention becomes available to the public. This contributes to the public good by increasing the amount of general knowledge available.
7 0
3 years ago
Excom sells radios and each unit carries a two-year replacement warranty. The cost of repair defects under the warranty is estim
Vladimir [108]

Answer:

$150

Explanation:

The Warranty Expense account is a liability account and it must include all the estimate costs associated to the merchandise sold:

100 radios were sold and the company estimates to replace 5% or them = 100 x 5% = 5 radios

the cost of replacing 5 radios = 5 radios x $30 per radio = $150

4 0
3 years ago
If labor costs are 60 percent of production costs, then a 15 percent increase in wage rates would increase production costs by:_
nydimaria [60]

If labor costs are 60 percent of production costs, then a 15 percent increase in wage rates would increase production costs by <u>9 percent.</u>

<h3>What are labor costs?</h3>
  • The total of all employee wages, employee benefits, and payroll taxes paid by an employer constitutes the labor costs. Direct and indirect (overhead) labor costs are separated.
  • While indirect costs are related to labor costs, such as personnel who maintain industrial equipment, direct costs include wages for the employees who make a product, including those on an assembly line.
  • While indirect costs are related to support labor, such as personnel who maintain industrial equipment, direct costs include wages for the employees who make a product, including those on an assembly line.
  • The price of goods or services may fluctuate away from their genuine cost if labor costs are poorly allocated or evaluated, which could hurt earnings.

To learn more about labor costs with the given link

brainly.com/question/5427701

#SPJ4

7 0
1 year ago
Irrespective of whether a firm produces or shuts down in the short run, fixed cost is equal to its _____
Otrada [13]

Answer:

c. sunk cost.

Explanation:

Because in short run, fixed cost doesn't changes with output, that is whether we produce or not, we have to pay for it, so it is considered as Sunk cost. Also like Sunk cost, we don't make decisions with fixed costs.

4 0
3 years ago
Monty loaned his friend Ned $24,000 three years ago. Ned signed a note and made payments on the loan. Last year, when the remain
Airida [17]

Answer:

Short term capital loss and $10,800

Explanation:

Remaining balance - Capital gains

$18,000 - $7,200 = $10,800

Monty can report the bad debt of $18,000 as short term capital loss since it is expense for the business and receivables are not recoverable. This amount can be reported as loss of the business.

5 0
2 years ago
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