Business is the back bone for the development of a country.It is not possible to imagine the development of a nation until and unless the business grows smoothly.We are witnessing America,japan,korea for ahead of our country.The solid reason of this difference is business.Thus,business has great importance.
(1)Economic development : Business helps the economic development of a country.The development of a country is totally based on the position of industry and commerce.It activates all economic sectors like industrial,commerce,banking,insurance,transport and warehousing,in this way,it mobilizes all idle resources in productive sectores and uplifts the economy of the country.
(2)Utilization of resources : Business uses all types of resources to carry out its activities.Human and other resources are utilized in the industrial and commercial sectors.Raw materials drawn from agriculture,forest and other resources are used by the industry to produce final consumer products.Business uses all natural and artificial resources available in the country.
(3)Creation of employment opportunity : business refers to the establishment of industrial and trading organizations in the world.Such organizations require manpower to carryout their activities.So,a great number of people get employment that decreases the unemployment problem in the nation.Besides this,business increases the living standard of individuals.
(4)Increase in government revenue ; Business helps to increase the government revenue because industrial and and trading organizations should collect and pay different forms of tax like corporate tax,excuse duty,VAT and others to the government.The most important source of collecting governments revenue is the tax,which depends upon the development of business in the country.
(5)Source of earning foreign currency : The development of business brings forth advanced technology in the country.Goods produced by using advanced and modern technology will be qualitative and meets international standards.As a result ,such goods can easily complete in the international market.Thus,the development of business increases the export of goods and services,which is the main resource of earning foreign currency in this way,business helps to earn foreign currency.
(6)Maintaing goods international relations : The development of business increases foreign trade,i.e import and export of goods and services.Because of it people of different countries come in contact with each other.It helps to maintain friendly and peaceful relationship between different countries.In this way,international relations can be maintained through business activities.
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