Asked by Morgan Young on Jun 22, 2024
Verified
A frequently cited barrier to economic development is the apparent shortage of entrepreneurial activity in developing nations.
Economic Development
The process of improving economic well-being and quality of life through economic growth, creation of jobs, and the implementation of social and technological advancements.
Entrepreneurial Activity
The act of starting new businesses, initiating innovations, and introducing new products or services to the market, often seen as a driver of economic growth.
- Recognize the significance of entrepreneurship in economic development.
Verified Answer
BG
Brittney GirdlestoneJun 26, 2024
Final Answer :
True
Explanation :
Developing nations often face challenges such as limited access to capital, inadequate infrastructure, and regulatory hurdles, which can hinder entrepreneurial activity and thus act as a barrier to economic development.
Learning Objectives
- Recognize the significance of entrepreneurship in economic development.