Question

Define self employment and discuss its importance to the national economy.

Answer 1

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Self-employment means working for oneself as a freelancer or the owner of a business rather than working as an employee for someone else's company. A self -employed don't work for someone who pays them a consistent salary. They earn independently by engaging in business and contracting directly.

Self-employment is important for the economy because not only they are not unemployed, they also generate employment opportunities for others. This helps people earn income and eventually contributes to national income. Apart from these tangible benefits, there are intangible benefits such as increased innovation due to self-employment.