8 BEST IMPORTANCE OF BUSINESS

Do you know about the importance of business in our daily life this article will help you to understand the top best 8 importance of business

IMPORTANCE OF BUSINESS

these 8 importance of business helps you to find the more unique ways to understand what you want to achieve although the most important is did you find best stuff from others side yes or no comments please.

Better Standard of Living:

The business improves the living standard of the people. The circular flow of Income between the household and the business forms creates development In the society. In the absence of this activity the flow of Income stops and the standard of living goes down.

Investment Opportunities:

Business provides the investment ’opportunity to the investors. The business provides income by means of investment.

New Technology:

The business organization provides for the optimum use of technology in improvement.

Demand of goods:

The number of products that we use on dally basis only due to the business. It is the business, which meet the local and foreign demand for goods. It also helps and promotes other fields like banking, transport, communication arid marketing etc;

Employment Opportunities:

It help us to provides employment to a large number of people. It Is Impossible for the government to provide the employment to the whole population.

It is the business sector which helps the government in solving the problem of unemployment.

International Relations:

When there Is mass production of goods, they will be exported abroad and this will bring friendly relations between the countries. The trade relations become the basis of cooperation in other fields like science, art, de^fense etc. Due to friendly relations between the countries it is possible to transfer the technology.

Large Production:

Business helps in efficient use of factors of production and thus reduces the cost of production.

Use of Resource:

It makes possible to use idle resource of the country through the business. In absence of business the natural gift of goods like crude oil, gas minerals, electricity, coal and pig iron etc. remain idle.

New Products:

The research and development program of the business helps the consumers by introducing new products and improving the existing things. As the needs of the business increases leads to a number of innovations.