part 2

• Entrepreneurship is the intellectual capacity to organize and put together other factors of production to produce goods and services the society needs.
• Entrepreneurship are the CEOs and founders of private businesses in different sectors
• Economic Growth is the overall expansion of an economy
• Economic growth is measured by an increase in gross domestic product (GDP)
• Economic growth does not accurately represent the welfare or well-being of the members of a particular society.
• Economic Development is the measure of the welfare of an economy’s members
• Economic Development takes into consideration a wider range of statistics beyond wealth
• Economic Development looks at quality of life and living standards
• Economic growth can contribute to economic development.
• Economic Growth & Development is when an increase in an economy’s wealth may create more jobs and opportunities
• Economic growth is not needed to improve the economic development of a society.