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State two reasons why the Irish economy needs entrepreneurs - Leaving Cert Economics - Question 6 - 2009
Question 6
State two reasons why the Irish economy needs entrepreneurs. (i) (ii)
Worked Solution & Example Answer:State two reasons why the Irish economy needs entrepreneurs - Leaving Cert Economics - Question 6 - 2009
Step 1
(i) Create employment
Answer
Entrepreneurs play a crucial role in the economy by creating jobs. As they establish their businesses, they need to hire workers to produce goods or provide services. This not only reduces unemployment but also stimulates economic growth through increased consumer spending.
Step 2
(ii) Encourage further investment
Answer
Entrepreneurs attract investment both from personal resources and external investors. By putting their money into new ventures, they can stimulate additional funding and resources into the economy, which may lead to further development of businesses and overall economic growth.