Role Of Entrepreneur In The Economy

Business is an organization entity engaged in commercial, industrial or professional activities to make profit and nonprofit organization that operate to fulfill a charitable mission. Economics is a social concerned with the production, distribution and consumption of goods and services. It studies how individuals, business, governments and nations make choices on allocating resources to satisfy their wants and needs, trying to determine how these groups should organize and co-ordinate efforts to achieve maximum output. Economics has the solution for all the problems concerned with Gross Domestic Product, Per Capita Income and so on. In 8th Century B.C an economic thinker says to eradicate the scarcity labour, materials and time is needed but Adam Smith’s book in 1776 An Inquiry Into the Nature and Causes of the Wealth of Nations explained with the help of changes in modern economy and expectations. Effective utilization of resources & increasing the productivity leads to develop an economy as whole. Changes are key factor of development hence developments require changes in the present business pattern today and tomorrow.