The WASSCE/SHS Economics tutorial you’re about to encounter shall give you a concise outline of key entrepreneurship questions and answers.
You will discover the most important reasons why there is a shortage of really successful entrepreneurs in West Africa.
Secondly, I will give you points for an answer to this popular entrepreneurship question in Economics:
Why do governments take part in economic activities?
From there, get ready to pick up all the key points for this other most likely WASSCE Economics question on entrepreneurship:
Why do private enterprises tend to perform better than public enterprises?
And, finally, I will let you have the solution to this question on petty traders or microenterprises in West Africa and other parts of the developing world.
Explain the reasons why there are many petty traders in West Africa.
Now that you know what you should expect in this tutorial, let’s quickly get down to the job at hand.
Reasons why there is a shortage of Entrepreneurs in West African Countries.
This is one of the most repeated WASSCE Economics questions. Fortunately, it is not all that difficult to find the points to answer the questions about why there is shortage of entrepreneurs in West Africa.
Just make sure you explain each point in your Economics essay with good examples.
1. Lack or scarcity of capital i.e. lack of credit facilities
2. Insufficient supply of skilled personnel and entrepreneurial ability
3. Lack of research mainly due to poor technology
4. Limited or under-developed infrastructural base
5. Relatively small markets
6. Unfavourable government policies
7. Limited supply of raw materials
Here comes one of the often repeated entrepreneurship questions for WASSCE Economics candidates.
State the reasons why governments own and run business enterprises.
In socialist and mixed economic systems, the government is an active participant in economic activities.
These days, it is not uncommon to find the government in a predominantly capitalist economy acting like an entrepreneur.
Below are the reasons why the government may set up and run businesses in the economy.
1. Large capital requirement for certain businesses
2. The need for the cheap and reliable supply of essential and basic services that directly affect the welfare of the people. Examples are infrastructure, water and electricity services
3. A means of controlling private monopolies
4.To raise revenue for the government
5. A means of controlling key or strategic industries
6. To provide jobs for the population
7. To reap economies of scale and raise the standard of living of the people
8. To supplement the work of the private sector
9. To compete with the private sector to the advantage of consumers.
10. Prevention of foreign domination of the economy
Why are private enterprises more efficient than public enterprises in West African Countries?
1. Absence of unnecessary government interference
2. Better supervision
3. High personal interest due to profit motive
4. Better working conditions such as better wages and salaries
5. More realistic economic prices of products
6. Better personal relationship between owners, workers and customers.
7. Competition among private entrepreneurs raises efficiency
The very last of my entrepreneurship questions for you is what is coming next.
Discuss the reasons why there are many petty traders in West African Countries
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This is one of those popular entrepreneurship questions in WASSCE Economics. It wants you to identify the reasons why small-scale firms or businesses dominate West African economies.
You can make a selection from the below points to answer your WASSCE Economics question on the predominance of small-scale businesses in West African countries.
Inadequate capital
Lack of skill or organizational know-how
Existence of mass unemployment
A means for supplementing regular incomes
Smallness of markets
Management is easier
Low level of trust in business partnerships
Simple or easy to set up
Provision of direct services, i.e. the nature of some jobs
Personal attention
Fear of taking greater personal responsibility.
Operations are mostly in local or remote areas.
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