module 1 entrepreneurship
TRANSCRIPT
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The Role of Entrepreneurship in
Economic Growth
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Definition of terms Entrepreneur
Entrepreneurship
Economic Growth
GDP
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Who is an Entrepreneur?
A person who organizes,operates, and assumes the riskfor a business venture
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Entrepreneurship4 Aspects:
The process of creating something new withvalue
By devoting the necessary time and effort ssuming the necessary risk andGetting the rewards
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2. DEVOTION OF TIME - towards the attainment ofpersonal goals:
PROFIT
PRODUCE GOODS & SERVICES
FOR THE COMMUNITY
PROVIDE EMPLOYMENT
PROVIDE INCOME
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3. Assumption of risk
the possibility of failure and losing
whatever they put in
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4. Greater Rewards - there is also a possibility ofgenerating a profit and business expansion.
And the prestige of being a business owner, whichprovides intrinsic satisfaction
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ROLE OF ENTREPRENEURS IN THE
ECONOMY
They are vital in the economicgrowth and development of thecountry
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The Entrepreneur 1. Mobilizer of Capital
2. Service Providers
3. Employers 4. Tax Payers
5. Suppliers of Products
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Economic growth
Process by which a nation's wealthincreases over time.
.
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Measure of growth
GDP- gross domestic product.
This measures the goods and services
produced within the country
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GNP
measures the goods and servicesproduced by Filipinos anywhere in the
world
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The rate of economic growth is influenced by
1. natural resources
2. human resources
3. capital resources
4. technological development in the economy &
5. institutional structure and stability
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THEORIES OF ECONOMIC DEVELOPMENT AND
GROWTH
Known economists advocated different
theories in trying to explain how countriescan grow economically
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Analysis of these theories will help us determine the
importance and relevance of the different economicand non-economic factors of the growth anddevelopment of the economy of other nationsparticularly on ENTREPRENEURSHIP
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2. KEYNESIAN THEORY During economic depression the government
should put up massive labor projects and public
works that will generate large scale employmentresulting to more income for the people.
Proposed by John Maynard Keynes
The higher the income the higher is the
consumption
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3. RICARDIAN THEORY
Advocated by David Ricardo, who
believes that the key factor in economicgrowth is LAND. He believes that all
wealth comes from the Land.
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4. KALDOR THEORY By Nicholas Kaldor who stated that the key factor for
development is TECHNOLOGY.
Application of modern technology in the productionof goods and services has been responsible for theeconomic success of highly developed countries.
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5. INNOVATION THEORY By Economist Joseph Schumpter who believed that
the key factors for economic development are theentrepreneurs or innovators.
This is due to their courage, patience anddetermination to transform theory into practice or
reality
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6. Harrod-Domar Theory Conceptualized by Sir Harrod of England and Prof.
Domar of the United States.
They believe that economic growth is made possiblethru savings and physical capital, like MACHINES.
Production becomes more efficient through the use ofmachines.
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Max Webber
Stated that values of thrift, industry
and entrepreneurial spirit contributedto the economic growth of Protestantcountries
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Whatever!
However, it is still up to the people and theirgovernment how they can apply all these theories inreal situations to achieve economic growth
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