Business plays a vital role in the development of an economy. The following are the roles of the business in the development of an economy-
- A business directly contributes to the GDP of a nation by providing the goods and services which are in demand. If a business is successful then it also boosts revenue of the nation.
- By providing jobs to the people the business helps in increasing the living standard of the people.
- Successful businesses pay huge amounts of tax to the government which helps to develop the infrastructure in the country.
- Business helps to mobilize and utilize resources like manpower talents, which may not get opportunity to utilize. Businesses use the optimum and effective utilization of resources.