National Economic Life – Self Employment I - JSS3 Civic education Past Questions and Answers - page 2
What characteristic makes self-employment an attractive option for individuals seeking autonomy?
Limited decision-making authority
Strict corporate oversight
Greater control over business operations
Fixed work schedules
Which source of funding may involve investing retirement funds into a self-employed venture?
Personal savings
Government grants
Family and friends
Bank loans
How does self-employment contribute to innovation and creativity in society?
By stifling entrepreneurial spirit
By promoting conformity and uniformity
By encouraging risk-taking and problem-solving
By limiting opportunities for growth and development
Discuss the role of self-employment in addressing unemployment and fostering economic growth, providing examples to support your argument.
Self-employment plays a crucial role in reducing unemployment rates by creating job opportunities for both self-employed individuals and others they may employ. For example, entrepreneurs who start businesses in sectors such as technology, agriculture, and retail not only generate employment for themselves but also create jobs for suppliers, service providers, and employees, thereby contributing to economic growth and development.
Evaluate the importance of access to funding for self-employment ventures and its impact on entrepreneurial success, citing specific challenges and opportunities.
Access to funding is essential for the success of self-employment ventures, as it enables entrepreneurs to cover startup costs, expand operations, and weather financial challenges. However, securing funding can be a significant hurdle for many aspiring entrepreneurs, particularly those from marginalized or underserved communities who may face barriers such as lack of collateral, credit history, or access to traditional banking services. Therefore, promoting diverse sources of funding and implementing supportive policies and programs are critical for fostering entrepreneurial success and economic empowerment.
Analyze the role of self-employment in promoting innovation and creativity in society, highlighting how entrepreneurial ventures contribute to problem-solving and societal progress.
Self-employment fosters innovation and creativity by providing individuals with the freedom and autonomy to pursue their ideas, experiment with new solutions, and address pressing societal needs. For instance, entrepreneurs in fields such as renewable energy, healthcare, and education develop innovative products, services, and technologies that improve people's lives, drive economic growth, and contribute to the advancement of society as a whole.