1.

(a)

Sustainable development is the idea that human societies must live and meet their needs without
compromising the ability of future generations to meet their own needs.

Specifically, sustainable development is a way of organizing society so that it can exist in the long term.
This means considering both the imperatives present and those of the future, such as the preservation
of the environment, natural resources as well as social and economic equity.

The present generations should be able to make use of resources to live better lives in such a manner
that it doesn’t compromise the ability of future generations to survive and make better lives for
themselves as well.

Sustainable Development has three major components:

-Economic growth, building a strong, competitive economy, by ensuring that sufficient land of the right
type is available in the right places and at the right time to support growth and innovation; and
identifying then coordinating development requirements

-Environmental stewardship, contributing to protecting and enhancing our natural and developed
environment, while helping to improve biodiversity, use natural resources wisely, minimizing waste and
pollution, and adapting to and helping to decrease climate change, including a global shift to low-carbon
economy.

-Social inclusion, supporting strong, vibrant and healthy communities by providing the supply of housing
required to meet the needs of present and future generations; and by creating a high-quality of
development, with accessible local services that reflect the community’s needs and support its health,
social and cultural well-being.

Therefore, for sustainable development to occur, there needs to be sustainable economic, ecological
and community development. Society needs to be educated about ways in which they can use
resources, especially natural, in such a manner that it doesn’t cause harm to the environment and put
future generations lives at risk. For example, when trees are cut down for paper production they should
be re-planted to prevent massive deforestation of forests.
1(b)
3

Entrepreneurs are thought of as national assets to be cultivated, motivated, and remunerated to the
greatest possible extent. This is because they contribute to the growth and development of a country.

The role and significance of an entrepreneur are explained below;

Entrepreneurs boost economic growth.

Entrepreneurial ventures help generate new wealth. Existing businesses may remain confined to existing
markets and may hit a limit in terms of income. New and improved products, services, or technology
from entrepreneurs enable new markets to be developed and new wealth to be created.

Entrepreneurial companies such as Mukwano are taxed by the government. These taxes add to the
country’s Gross Domestic Product hence increasing the national income. This revenue can be used by
the government to invest in other, struggling sectors and human capital.

Bringing Balanced Regional Development.

Entrepreneurs setting up new businesses and industrial units help with regional development by locating
in less developed and backward areas. The growth of industries and business in these areas leads to
infrastructure improvements like better roads and rail links, airports, stable electricity and water supply,
schools, hospitals, shopping malls and other public and private services that would not otherwise be
available.

Every new business that locates in a less developed area will create both direct and indirect jobs, helping
lift regional economies in many different ways. The combined spending by all the new employees of the
new businesses and the supporting jobs in other businesses adds to the local and regional economic
output. Both central and state governments promote this kind of regional development by providing
registered MSME businesses various benefits and concessions.

Improving the Standard of Living.

Increase in the standard of living of people in a community is yet another key goal of economic
development. Entrepreneurs again play a key role in increasing the standard of living in a community.
They do this not just by creating jobs, but also by developing and adopting innovations that lead to
improvements in the quality of life of their employees, customers, and other stakeholders in the
community. For example, automation that reduces production costs and enables faster production will
make a business unit more productive, while also providing its customers with the same goods at lower
prices.

Improvement in Per Capita Income:

Entrepreneurs locate and exploit opportunities. They convert the latent and idle resources like land,
labour and capital into national income and wealth in the form of goods and services. They help to
increase net national product and per capita income in the country, which are important yardsticks for
measuring economic growth.
Creation of Employment Opportunities:

Entrepreneurs play a significant role in generation of employment opportunities by establishing new

units in manufacturing, trading and service sectors, laying emphasis on small scale industries, utilizing
the surplus labour force in varied industrial and/or service activities, upholding self-employment as a
core objective. Entrepreneur integrates resources and technologies into profitable business ventures
and creates job opportunities

Export Promotion and Import Substitution

Any growing business will eventually want to get started with exports to expand their business to
foreign markets. This is an important ingredient of economic development since it provides access to
bigger markets, and leads to currency inflows and access to the latest cutting-edge technologies and
processes being used in more developed foreign markets. Another key benefit is that this expansion that
leads to more stable business revenue during economic downturns in the local economy.

Any growing business will eventually want to get started with exports to expand their business to
foreign markets. This is an important ingredient of economic development since it provides access to
bigger markets, and leads to currency inflows and access to the latest cutting-edge technologies and
processes being used in more developed foreign markets. Another key benefit is that this expansion that
leads to more stable business revenue during economic downturns in the local economy.

Creation of Backward and Forward Linkages:

An entrepreneur initiates change which has a chain reaction. Setting up of an enterprise has several
backward and forward linkages. For example- the establishment of a steel plant generates several
ancillary units and expands the demand for iron ore, coal, etc.

These are backward linkages. By increasing the supply of steel, the plant facilitates the growth of
machine building, tube making, utensil manufacturing and such other units.

Entrepreneurs create an atmosphere of enthusiasm and convey a sense of purpose. They give an
organization its momentum. Entrepreneurial behavior is critical to the long term vitality of every
economy. The practice of entrepreneurship is as important to established firms as it is to new ones.

Creation of Innovative Change:

An entrepreneur is a person who always looks for changes. Continuous dreaming helps in idea creation.
Idea creation facilitates creativity innovations which are the direct result of creative ideas. Viable
innovations lead entrepreneurial behaviour. Entrepreneur is responsible for combining the factors of
production in an effective way to enlarge the production base.

He also introduces new ideas and new combination of factors. He always tries to introduce newer and
newer techniques of production of goods and services. An entrepreneur brings economic development
through continuous innovations.

Wealth Creation and Distribution:

There is direct relationship in entrepreneurial activity and creation of Job opportunities. People were
unable to get job because there was no job and they were poor. Due to entrepreneurial activity
unemployed people are getting job as a base for income. Now with the help of job, entrepreneurs can
ensure more wealth creation by utilising untapped natural and human resources.

Entrepreneurial activity enables factors of production to fetch better price. This process stimulates
equitable redistribution of wealth and income in the interest of the country to more people and
geographic areas, thus giving benefit to larger sections of the society. Entrepreneurial activities also
generate more activities and give a multiplier effect in the economy.

Economic Independence:

It is a basis for political and social independence. So each and every country is required to make
necessary efforts for ensuring economic independence. Development of agriculture sector and industrial
sector is quite necessary for economic independence. Both these sectors are complementary to each
other and accelerate economic growth. Multidimensional economic growth facilitates economic
independence.

Thus, it is assumed that entrepreneurship is important for getting economic self-reliance. Export of
goods and services on a large scale help in the process of earning of scarce foreign exchange for the
country. Efforts for import substitution also facilitate the production of goods and services in the
country which ultimately control the imports.

Moreover, import substitution efforts serve the foreign exchange for other urgent needs. In this way,
import substitution and export promotion help to ensure economic independence of the country.

Entrepreneurs Also Create Social Change:

-Through their unique offerings of new goods and services, entrepreneurs break away from tradition
and indirectly support freedom by reducing dependence on obsolete systems and technologies. Overall,
this results in an improved quality of life, greater morale and economic freedom. For example, the water
supply in a waterscarce region will, at times, force people to stop working to collect water. This will
impact their business, productivity and income. Imagine an innovative, automatic, low-cost, flow-based
pump that can fill in people's home water containers automatically. Such an installation will ensure
people are able to focus on their core jobs without worrying about a basic necessity like carrying water.
More time to devote to work means economic growth. For a more contemporary example, smart
phones and their smart apps have revolutionized work and play across the globe. Smart phones are not
exclusive to rich countries or rich people either. As the growth of China's smart phone market and its
smartphone industry show, technological entrepreneurship will have profound, long lasting impacts on
the entire human race. Moreover, the globalization of tech means entrepreneurs in lesser-developed
countries have access to the same tools as their counterparts in richer countries. They also have the
advantage of a lower cost of living, so a young individual entrepreneur from an underdeveloped country
can take on the might of the multi-million dollar existing product from a developed country.
4.

Economic activity is an activity of providing, making, buying or selling commodities or services by people
to satisfy day-to-day needs of life. Any activity that includes manufacturing, distributing or utilizing
products or services. Activities that involve money or the exchange of products or services are economic
activities.

The increasing spread of the coronavirus across countries has prompted many governments to
introduce unprecedented measures to contain the epidemic. These are priority measures that are
imposed by a sanitary situation, which leave little room for other options as health should remain the
primary concern. These measures have led to many businesses being shut down temporarily,
widespread restrictions on travel and mobility, financial market turmoil, an erosion of confidence and
heighted uncertainty.

The first confirmed case in Uganda was reported on March 21, 2020. While COVID-19 is a health
pandemic, the impacts of this pandemic are not limited to the health of a given population, but also has
impacts on the economy and society’s well-being.

This is in part because efforts to limit and contain the spread of COVID-19 has led to a slowdown in
economic activity and people’s ability to make ends meet. For example, many in Uganda who rely on
daily wages are unable to go out and work, and many business owners have seen supply chains
disrupted and demand dry up.

Impact of COVID-19 on the main economic Activities of the Economy are as follows;

Agriculture

Fisheries

Construction industry

Trade

Transport and storage

Real estate activities

Manufacturing industries

Tourism and travel