Role of business in the development of economy-


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-


  1. 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.
  2. By providing jobs to the people the business helps in increasing the living standard of the people.
  3. Successful businesses pay huge amounts of tax to the government which helps to develop the infrastructure in the country.
  4. 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. 

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