The business delivers a higher living standard to the people by its different activities. The business has a vital role in socio-economic development and increasing standard of living. Business always plays an important role in society as a part of the community. So without society, we cannot think about a Business. The role of business in the increasing of the living standard are described below:
- Creation of utilities: Businesses are leading to the creation of utilities and thus satisfying human wants by modification of product features, size, style, design, etc. As a result, the standard of living is increasing.
- Employment of Generation: Unemployment is a severe problem for a country.
In a country, businesses employ the labor force and thus help to the socio-economic development and increase of living standard.
- Formation of Capital: Business is a better area of investment of capital. Money makes money when it is invested in the business. So business is a better field to makes money through the investment of saving. Business accumulates peoples saving and invest it in a profitable venture.
- Utilization of resources: Businesses utilizing our resources such as capital resources (fuel, raw materials, and money), natural resources (oil, natural gas, and water) and human resources (human talent, skills, and competence) available in the nation.
- Protection of the environment: Suitable environment is needed for the existence of human being. In a country, business uses hazardous materials in different operation of the different industry to keep the environment safe.
- Poverty: In the world, most of the people are poor. Business always tries to alleviate poverty by different venture.
- Contribution to Education: Different business organizations help in the education sector by providing scholarship to the students.
- Development of social infrastructure: Due to the growth of business in a different area the transportation facilities and other facilities are created which make a vital role in the development of a country.
- Research, Development, and Innovations: In the world, businesses continuously making researches on alternative uses of resources, developing new products and methods, and making innovations.
So by different activities, the business delivers a higher living standard to the people and make a vital role in the socio-economic development of a country.
Last Updated on September 13, 2019 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.