Entrepreneurship and Economic Impact

The video discusses the significant role entrepreneurs play in economic development. It highlights how entrepreneurs collaborate to boost the economy, provide innovative goods and services, create jobs, and contribute to nation building through charitable activities. The video concludes that entrepreneurs are vital to economic growth and development.

What is one way entrepreneurs can collaborate to boost economic development?

• By focusing solely on profit

• By competing with each other

• By organizing markets and conferences

• By reducing their workforce

How does collaboration among entrepreneurs benefit society?

• It decreases product quality

• It fosters creative and innovative ideas

• It results in higher prices

• It leads to more competition

What role do entrepreneurs play in providing goods and services?

• They create innovative products

• They limit access to goods

• They reduce the variety of services

• They focus on traditional methods

Why is the availability of more goods and services important for a country?

• It increases unemployment

• It contributes to economic development

• It decreases consumer choice

• It leads to economic stagnation

How do entrepreneurs help in reducing unemployment?

• By automating all processes

• By outsourcing jobs

• By closing down businesses

• By hiring more workers as businesses grow

What happens when a business expands?

• It reduces its product range

• It decreases its market presence

• It leads to more job opportunities

• It requires fewer employees

In what way do entrepreneurs contribute to nation-building?

• By avoiding community involvement

• By engaging in charitable activities

• By reducing their workforce

• By focusing only on profit

Which of the following is an example of entrepreneurs' contribution to society?

• Increasing product prices

• Providing scholarships

• Reducing employee benefits

• Limiting market access

What is a non-profit activity that entrepreneurs might engage in?

• Focusing on competition

• Reducing product quality

• Increasing their profit margins

• Sponsoring events

How do entrepreneurs help in building the economy?

• By reducing their market presence

• By focusing solely on their business

• By engaging in community development

• By ignoring social responsibilities