Explain Important Entrepreneurial Activity World Economy Describe Nature Entrepreneurs Q34240740

• Explain how important entrepreneurial activity is to the worldeconomy.
• Describe the nature of entrepreneurs.

Expert Answer

Entrepreneurial activity is important to world economy as itcreates opportunities for many people and stimulate economic growthand development. The competitive nature of entrepreneurial activityleads to improvements in quality, services, costs and range ofproducts. It is focused on innovation and developing advancedtechnological processes for efficiency and productivity. Itcontributes to the national and global wealth. It encouragescollaboration based on common interests and competencies.Entrepreneurial activity also contributes to social development byparticipating in welfare activities. Many sectors like healthcare,education, security and real estate services involve lot ofentrepreneurial activity assisting the