Lesson 1.2 Nature of Entrepreneurship and its importance in the philippine economy.

Question 1

the definition of IED

Answer 1

Institute of Entrepreneurship Development

Question 2

Entrepreneurship helps economic growth in what ways? (4)

Answer 2

1. Creating jobs (Finding employment for the unemployed)
2. Bring wealth to local societies.
3. Adding to local business development
4. Exposing the market to foreign opportunities. (Exports). (Note: It is a big set up for an entrepreneurial venture when their product is exported to new markets.)

Question 3

What is the biggest struggle for most young adults nowadays?

Answer 3

Finding employment.

Question 4

What decreased to 4.1% in May 2024 from 4.3% in the same month last year?

Answer 4

Unemployment rate.

Question 5

The unemployment rate decreased to ____ in May 2024 from _____ in the same month last year. However that rate waas still slightly higher than the ______ in april of 2024.

Answer 5

4.1%, 4.3%. 4.0%

Question 6

The number of unemployed persons in May 2024 was estimated at?

Answer 6

2.11 million.

Question 7

The difference between entrepreneurial venture and any other business.

Answer 7

Entrepreneurs focus more on the local community.

Question 8

Apart from creating jobs and bringing wealth, entrepreneurs also. . . ?

Answer 8

open the way for more businesses to open.

Question 9

This socio economic benefit of entrepreneurship encourages freelancers, entrepreneurs and the self-employed to work for themselves..

Answer 9

Socio-economic benefit: Promote self-help and unemployment

Question 10

This socio-economic benefit of entrepreneurship highlights the importance of mobilizing resources as a vital feature entrepreneurship.

It also promotes capital formation by mobilizing the savings of the public.

Answer 10

Socio-economic benefit of entrepreneurship : Mobilizes Capital (Entrepreneurs employ their own resource as well as those of others to set up their enterprise.)

Question 11

This socio-economic benefit of entrepreneurship lets you know that if you’ve started a new company or run a small business, you will have to file both personal and business income taxes.

Answer 11

Socio-Economic benefit of Entrepreneurship: Provide taxes to the economy

Question 12

This benefit of entrepreneurship empowers people to take their future into their own hands, whether through self-employment or by creating a firm that employs other people.

Answer 12

Socio-economic benefit of entrepreneurship: Empower individuals

Question 13

In this socio-economic benefit of entrepreneurship, quality and quantity of products and services produced by every entrepreneur is a source of pride and identity for a country.

Answer 13

Socio economic benefit of entrepreneurship: Enhance National Identity and Pride

Question 14

This socio economic benefit of entrepreneurship accepts modernization as a principle of entrepreneurship as a substance to an awareness of the opposition, which raises long term competitiveness

Answer 14

Enhance Competitive Consciousness

Question 15

The entrepreneurs’ fondness for improvement and progress of different products, as well as production of new markets, recoils to the improvement of the products and services and later the quality of life.

Answer 15

Socio-Economic benefit of entrepreneurship - Improves quality of life

Question 16

In this economic benefit of entreperneurship, the entrepreneurs succeeding in the particular accomplishments, chances are that reasonable delivery of revenue and prosperity can be likewise predictable.

Answer 16

Socio Economic Beneft of Entrepreneurship : Enhances Equitable Distribution of Income and Wealth.

Question 17

What are the Socio-Economic Benefits of Entrepreneurship? (8)

Answer 17

Promotes self-help and unemployment,

Mobilizes Capital

Provide Taxes to the Economy

Empower Individuals

Enhances National Identity and Pride

Enhance Competitive Consciousness

Improves Quality of Life

Enhances Equitable Distribution of Wealth