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?
Option 1: Improvement in economic efficiency
Option 2: Increasing spectrum and scope of economic activities
Option 3: Impact on local communities
Option 4: Capital formation
Correct Answer: Improvement in economic efficiency
Solution : Efficiency means to have greater output from the same input. It involves improving process, reducing wastage, increasing yield and bringing technical progress by altering labour capital ratio. Hence Option A is correct.
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 mobilises factors of production into a productive enterprise or firm. Which characteristics of entrepreneurship is highlighted here?
Question : Assertion: The Stand-Up India scheme focuses on promoting entrepreneurship among women and SC/ST entrepreneurs.
Reason: It provides financial assistance to micro and small enterprises in rural areas.
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