Economic development: Business is critical to the development of the economy. In industry and commerce, the concept of true business is employed. Industries produce jobs by utilising personnel, money, resources, procedures, and machinery. Commerce refers to the exchange of commodities and services on a national and international scale. It also aids in the earning of foreign cash through exporting. As a result, business contributes to economic development.
Making use of natural resources
Natural resources are diverse in every country. The focus of business must be on the effective and efficient use of resources. Business makes use of resources such as water, minerals, and ores to reach its objectives. However, resources must be utilised without being exploited.
Utility creation: Businesses create utility in terms of location and time. It contributes to human needs being met. The goal is to maximise financial utility.
Employment: Businesses assist in the creation of jobs for people. It offers a variety of managerial and technical positions. Many different types of businesses, such as hotels, factories, and transportation companies, have been formed to help with the unemployment crisis.
Revenue generating: The source of revenue generation is the business. It contributes to government revenue through paying taxes, royalties, fees, custom charges, and other levies.
Foreign currency earnings: It is a source of foreign currency earnings. Exporting goods and services can help a company earn foreign cash.
Country development: Industry development aids in the utilisation of natural resources.
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