What is role of business studies enterprises in economic development in?
Answers
Answer:
Role of Business in Development
Business is vital to a country’s economy. Success of businesses can drive the success of an entire country, including through contributions to the gross domestic product, or GDP, of a nation, which affects their world standing. If a country supports businesses with goods and services that are in demand, everyone in the country benefits. From job creation that results in money being put back into the community to taxes that help the government smoothly run and provide maintenance and improvements to the country’s infrastructure, or in other ways that are helpful for its citizens, there are dozens of ways business success translates to economic development.
In addition to providing products and services that citizens and residents want, economic health can allow for exporting goods and services to others who want those items, contribute to offering avenues for education and training for citizens, create healthy business competition and provide additional methods of strengthening economic development for the country as a whole.
The role of business in relation to the economy is a pivotal one. Small businesses boost economic revenue on a smaller scale, but one that’s of vital importance, directly and positively affecting the health, quality of life and purchasing power of residents in the local community.
But small businesses don’t always stay small. Many nationally known brands today got their start as very small businesses run out of someone’s home or garage. Startups can become multinational companies that can have a huge and positive impact on the global economy, benefiting all of the company’s employees and the communities in which those businesses thrive. Apple, Whole Foods, Amazon and Starbucks were all ideas started on a small scale that have had incredible, explosive positive impacts not just on the U.S. economy, but on a global scale.
Business studies demonstrates how a variety of areas of study can be combined in productive activity. It provides an increased understanding of mutual dependence through business system, as people becoming increasingly dependent on others.