Podcast
Questions and Answers
Which theory emphasizes the government's minimal interference in economic activities?
Which theory emphasizes the government's minimal interference in economic activities?
What is the primary focus of the Kaldor Theory?
What is the primary focus of the Kaldor Theory?
What distinguishes economic development from economic growth?
What distinguishes economic development from economic growth?
Which contribution of entrepreneurship involves the introduction of various technologies?
Which contribution of entrepreneurship involves the introduction of various technologies?
Signup and view all the answers
Which theory is associated with Joseph Schumpeter?
Which theory is associated with Joseph Schumpeter?
Signup and view all the answers
What is a primary focus of economic development in less developed countries?
What is a primary focus of economic development in less developed countries?
Signup and view all the answers
Which of the following theories argues for key government roles in economic development?
Which of the following theories argues for key government roles in economic development?
Signup and view all the answers
Which component is NOT explicitly mentioned as a government assistance program for entrepreneurs?
Which component is NOT explicitly mentioned as a government assistance program for entrepreneurs?
Signup and view all the answers
What is a recommended focus for educational institutions in promoting entrepreneurship in the Filipino context?
What is a recommended focus for educational institutions in promoting entrepreneurship in the Filipino context?
Signup and view all the answers
What is an outcome of mobilization of capital resources in entrepreneurship?
What is an outcome of mobilization of capital resources in entrepreneurship?
Signup and view all the answers
Study Notes
Entrepreneurship
- Defined as taking risks and investing resources to innovate.
- Applicable beyond business into social services.
Economic Development
- A process aimed at improving living standards, distinct from mere economic growth.
- Influenced by both economic and non-economic factors.
- In less developed countries, focuses on enhancing human needs by tackling poverty, disease, injustice, illiteracy, and exploitation.
Development and Growth Theories
- Laissez-Faire Theory: Advocates minimal government interference in economic activities.
- Keynesian Theory: Supports significant government involvement in stimulating economic development.
- Ricardian Theory: Highlights the crucial role of agriculture in a nation's development as per David Ricardo.
- Harrod-Domar Theory: Suggests that production increases with machine usage, proposed by Sir Harrod and Prof. Domar.
- Kaldor Theory: Stresses that modern technology drives economic success, as per Nichols Kaldor.
- Innovation Theory: Focuses on the importance of innovators and entrepreneurs, developed by Joseph Schumpeter.
Contributions of Entrepreneurship
- Facilitates development of new markets.
- Enables discovery of new material sources.
- Mobilizes capital resources for various needs.
- Introduces and adapts new technologies in the market.
- Generates employment opportunities.
Filipino Entrepreneurial Economy
- Advocates for the allocation of productive resources to Filipinos.
- Promotes economic nationalism as a guiding principle in business culture.
- Emphasizes the importance of teaching entrepreneurship with a focus on national interests in educational institutions.
Government Support
- Provides assistance to entrepreneurs through various programs aimed at fostering a conducive business environment.
- Key areas of support include:
- Ensuring peace and order for stable business operations.
- Political support to create favorable policies for entrepreneurship.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz explores the key concepts and definitions of entrepreneurship and its role in economic development. Test your understanding of how entrepreneurship not only drives business innovation but also contributes to social improvements and overall economic processes, especially in less developed countries.
