Role of Business in the Economy
Business and economic development go hand in hand. In fact, small and large businesses constitute a good part of the economic growth and development of any country. This importance is reflected in the numerous favorable laws and tax breaks that governments all over the world provide for businesses to ensure that they grow.
There are multiple advantages of having sound businesses for any economy. Firstly, it generates employment for the local people, which in turn, increases their spending power and overall quality of life. Secondly, consumers have a wider choice of products and services offered by these companies. The Government, in turn, gets more revenue by way of sales tax and employment tax and they are in a better position to increase the social security and healthcare of the people (Edmiston, 2007).
Another important aspect of businesses is the creativity and innovation that it encourages among entrepreneurs. A favorable business environment is essential for entrepreneurs to start new ventures that in turn can boost economic development. So, they are inter-linked in many ways with businesses being the key for economic development.
Roles of profit and non-profit organizations
Both profit and non-profit organizations have to work in tandem to ensure that economic development is balanced. Non-profit organization, as the name implies, is an organization that does not have profit as its motive for operations. It is rather focused on a mission that benefits the community and the society at large. This does not mean that non-profit organizations do not have profits, all that it means is that profit is not the sole aim of the organization. The non-profit organization helps economic...
Business How forces in and outside of business firms are changing the management task, altering business operations, and modifying stakeholder expectations? Business, particularly those heavily emphasizing technology, are constantly changing. In many instances these changes are occurring due to a combination of internal and external factors. These factors often modify stakeholder expectation because the fundamental business itself has shifted. A very dynamic force that is changing the management task is that of
There has been little in the way of fiscal policy, and the result has been entirely predictable. With no particular influx of spending into the economy, the recovery has generally been quite weak. With no fiscal policy tools on the horizon, it is therefore unlikely that any improvement to the recovery will take place. International business is also an option for a company to improve its situation. If a company
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