Question
State the roles of business in the society.
Answer
Businesses are not only economic entities but also influential contributors to the well-being and progress of society as a whole. Below are the roles of business in the society
i) Creates employment: Businesses play a crucial role in generating job opportunities for people. They hire individuals to work in various positions and departments, which helps reduce unemployment and improve the overall economic well-being of the community.
ii) Creates raw materials for industries: Businesses, particularly those in the manufacturing sector, produce raw materials that are used by other industries to create finished products. These raw materials serve as building blocks for various products we use in our daily lives, such as steel for construction or fabrics for clothing.
iii) Promotes modern technology: Businesses often drive advancements in technology. They invest in research and development to develop new products, processes, and technologies that can enhance efficiency, productivity, and innovation across different sectors.
iv) Provides a market for local goods: Businesses act as a marketplace for local goods and products. They provide a platform for local producers and artisans to sell their goods, enabling them to reach a wider customer base and support local economies.
v) Offers better quality products: Businesses strive to provide high-quality products and services to meet customer needs and preferences. Through competition and innovation, businesses continually work towards improving the quality and value of their offerings, benefiting consumers and raising overall product standards.
vi) Develops infrastructure: Businesses often contribute to the development of infrastructure in the society. They invest in building facilities, such as factories, warehouses, offices, and transportation systems, which not only support their own operations but also contribute to the overall infrastructure development of the area.
vii) Conserves environment: Many businesses recognize the importance of environmental conservation and take measures to minimize their impact on the environment. They implement sustainable practices, such as reducing waste, conserving energy, using eco-friendly materials, and supporting conservation initiatives, to contribute to a cleaner and healthier environment.
viii) Earns government revenue: Businesses generate revenue, and through various taxes and fees, they contribute to the government's income. This revenue can then be used by the government to fund public services, infrastructure projects, education, healthcare, and other social welfare programs.
ix) Provides security for external finance: Businesses often require external finance to start, expand, or sustain their operations. By providing opportunities for investors and lenders to invest in or lend money to businesses, it creates a sense of security for businesses to access the necessary capital to fund their growth and development.
In summary, the roles of a business in the society include:
i) Creates employment
ii) Creates raw materials for industries
iii) Promotes modern technology
iv) Provides market for local goods
v) Better quality products
vi) Developed infrastructure
vii) Conserves environment
viii) Earns government revenue
ix) Provides security for external finance
i) Creates employment: Businesses play a crucial role in generating job opportunities for people. They hire individuals to work in various positions and departments, which helps reduce unemployment and improve the overall economic well-being of the community.
ii) Creates raw materials for industries: Businesses, particularly those in the manufacturing sector, produce raw materials that are used by other industries to create finished products. These raw materials serve as building blocks for various products we use in our daily lives, such as steel for construction or fabrics for clothing.
iii) Promotes modern technology: Businesses often drive advancements in technology. They invest in research and development to develop new products, processes, and technologies that can enhance efficiency, productivity, and innovation across different sectors.
iv) Provides a market for local goods: Businesses act as a marketplace for local goods and products. They provide a platform for local producers and artisans to sell their goods, enabling them to reach a wider customer base and support local economies.
v) Offers better quality products: Businesses strive to provide high-quality products and services to meet customer needs and preferences. Through competition and innovation, businesses continually work towards improving the quality and value of their offerings, benefiting consumers and raising overall product standards.
vi) Develops infrastructure: Businesses often contribute to the development of infrastructure in the society. They invest in building facilities, such as factories, warehouses, offices, and transportation systems, which not only support their own operations but also contribute to the overall infrastructure development of the area.
vii) Conserves environment: Many businesses recognize the importance of environmental conservation and take measures to minimize their impact on the environment. They implement sustainable practices, such as reducing waste, conserving energy, using eco-friendly materials, and supporting conservation initiatives, to contribute to a cleaner and healthier environment.
viii) Earns government revenue: Businesses generate revenue, and through various taxes and fees, they contribute to the government's income. This revenue can then be used by the government to fund public services, infrastructure projects, education, healthcare, and other social welfare programs.
ix) Provides security for external finance: Businesses often require external finance to start, expand, or sustain their operations. By providing opportunities for investors and lenders to invest in or lend money to businesses, it creates a sense of security for businesses to access the necessary capital to fund their growth and development.
In summary, the roles of a business in the society include:
i) Creates employment
ii) Creates raw materials for industries
iii) Promotes modern technology
iv) Provides market for local goods
v) Better quality products
vi) Developed infrastructure
vii) Conserves environment
viii) Earns government revenue
ix) Provides security for external finance
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