Question

explain the effect of a lack or shortage of entrepreneurs on the economy

Answer 1

Explanation:

Entrepreneurs create employment opportunities not only for themselves but for others as well. Entrepreneurial activities may influence a country's economic performance by bringing new products, methods, and production processes to the market and by boosting productivity and competition more broadly.

Answer 2

Lack of entrepreneurs will lead to lower jobs, innovative products and a decline in economy.

• By developing new technology, goods, and services, entrepreneurs help to fuel the economic growth.
• In the short and long term, entrepreneurs create new work prospects. Thus, the entrepreneurial operation also improve both the firm's and economy's growth.
• Entrepreneurs build job openings not just for themselves but also for others. Furthermore, increased wages and earnings lead to a higher national income by increased tax revenue and government spending.
• Thus, a shortage in entrepreneurs will not cater to these advantages and the economy will suffer.