Question

How Does Business Contribute To Economic Development?

Answer 1

hey! this is gonna help you out;

a business can contribute to economic development in enormous ways ;

1. quality products
2. profit:( which acts as a contrubution to gdp)
3. increase export
4. capital formation
5. improve employment opportunities
6. social responsibility activities
7. ethical promotion
8. prompt tax payment
9. improve standard of living
10. innovation

Answer 2

Answer:

The business helps to stabilize, stimulates, and contributes to the growth of economics in the following ways:

• Investing in People’s demand
• Bringing employment Opportunities to economy
• Increase technology development
• Solution to new challenges
• Active competition

Explanation:

Investing in People’s demand:

They allow people to have access to the commodities and services they need to be productive.

When it comes to encouraging economic growth in a region, new business owners who respond to market demands are crucial participants.

It contributes to economic expansion.

Bringing employment Opportunities to economy:

It requires more people for the production activities, hence more people are employed.

Increase technology development:

Acquiring new technology such as machinery or labor incentives methods from a foreign nation brings technological development.

Thus the advanced productivity increases the income of a region and are directly impacted when new businesses export goods and services to neighboring regions.

Solution to new challenges :

Your ability to respond to change and find new possibilities is increased by innovation.

Active competition :

The ability to create better goods and services can also help you maintain a competitive advantage.

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