(7) Explain the following objectives of business:
(a) Earning profits.
(b) Generation of employment
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Explanation:
a) Profits must be earned to ensure the survival of business, its growth and expansion over time. ... These may be to earn profit for its growth and development, to provide quality goods to its customers, to protect the environment etc. These are the objectives of business.
b) Generation of employment is the primary economic objective of business. Social objectives are those objectives of business, which are desired to be achieved for the benefit of the society. Since business operates in a society by utilizing its scarce resources, the society expects something in return for its welfare.
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