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3 years ago

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

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Entrepreneurs offer new goods and services which directly support freedom by lessening dependence on outdated technologies and systems.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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Kray Inc., which produces a single product, has provided the following data for its most recent month of operations:

Ilya [14]

Answer:

$76

Explanation:

The computation of Unit product cost under variable costing is shown below:-

Unit product cost under variable costing = Direct material + Direct labor + Variable manufacturing overhead

= $47 + $21 + $8

= $76

So, for calculating the Unit product cost under variable costing we simply added the direct material, direct labor and variable manufacturing overhead.

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3 years ago

Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory

Irina-Kira [14]

Answer:

Seemore Lens Company (SLC)

Journal Entries to correct the balances presently reported:

a) Debit Accounts payable $13,200

Credit Inventory $13,200

To record lenses held on consignment.

b) Debit Office Supplies $6,600

Credit Inventory $6,600

To record office supplies.

c) Debit Inventory $9,600

Credit Cost of goods sold $9,600

To exclude from cost of goods sold lenses in the warehouse for January 2 delivery.

c) Debit Sales Revenue $18,200

Credit Accounts Receivable $18,200

To exclude from sales revenue lenses not yet sold.

d) Debit Cost of goods sold $3,800

Credit Inventory $3,800 (Scrap)

To record the cost of scrap.

Explanation:

a) Data and Analysis:

Reported Inventory = $86,000

Reported Cost of Goods Sold = $452,000

Transactions:

a) Accounts payable $13,200 Inventory $13,200

b) Office Supplies $6,600 Inventory $6,600

c) Inventory $9,600 Cost of goods sold $9,600

c) Sales Revenue $18,200 Accounts Receivable $18,200

d) Cost of goods sold $3,800 Inventory $3,800 (Scrap)

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2 years ago

Delta Diamonds uses a periodic inventory system. The company had five one-carat diamonds available for sale this year: one was p

Eddi Din [679]

Answer: $2650

Explanation:

Using the specific identification method, its ending inventory (after the December 24 sale) will be:

Units for sale = 5 units

Units sold = 1

It should be noted that the unit that was sold was the one that was bought on July 9th.

Ending units will now be:

= $800 + ($2 × $900) + $950 - $900

= $800 + $1800 + $950 - $900

= $3550 - $900

= $2650

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3 years ago

To make bond purchases, the Fed gets the money __________. Select the correct answer below: exclusively from proceeds it has rec

Viktor [21]

Answer: c. by creating it

Explanation:

Purchasing Bonds is a part of Monetary Policy by the Fed to increase the money supply in the economy. As such, when they purchase those bonds they do it with new money that they have created to be able to increase the supply in the market.

Apart from creating new money, they can also purchase the bonds by creating bank reserves for commercial banks in the country which the banks can then give out as loans to increase the money supply.

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2 years ago

Courtnie has been allergic to cats as long as she can remember; this requires her doctor to give her an allergy shot. On her 26t

Colt1911 [192]

Answer:

The correct answer is: causal relation.

Explanation:

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3 years ago

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

Discuss any five roles ofentrepreneurship in the economicgrowth of a country