Business is the most important activity of mankind. The progress of any country depends upon the development of business of that country. Therefore countries like Japan, Korea, England, Germany, USA, etc. are developed through business. The following reasons clearly show the importance of business:
(1) Fulfillment of Human Wants: In the modern time human wants are unlimited. Business fulfills such human wants through the production of goods and services.
(2) Creation of Utility: Business creates various types of utilities in goods so that consumer may use them according to their preferences and needs. The utility may be form utility, place utility, time utility, etc.
(3) Utilization of Natural Resources: Every country has certain natural resources. The business makes it possible to utilize natural resources to their maximum extent. As for example mineral resources are extracted by extracted by extractive industries. After wards they are used by other industries to make different types of useful articles.
(4) Employment Opportunity: The field of business is also important from the viewpoint of employment. Today a lot of people are employed by the development of business. So business contributes a lot in solving the unemployment problem of the country.
(5) Economic Development: The economic development of a country depends upon the development of business. Hence by utilizing the raw materials available in the country if we can develop industrialization, country could be developed. The economic prosperity of a country is judged by the number of large scale business existing in it.
(6) Supply of Quality Goods: The supply of quality goods and services to the consumers at reasonable prices is the responsibility of the business. The business should aim at consumer satisfaction. A business cannot flourish in the long run if it ignores consumers.
(7) Earning Foreign Currency: Business is the major source of earning foreign currency. By the development of business (industry, trade) finished goods can be exported to foreign countries and earn maximum foreign currency. Such foreign currency again can be used in importing necessary goods and services for the development of the country.
(8) Self-Sufficiency: Business can play an important role in making the country self-sufficient. It should produce all those goods, which are imported from outside. A self-reliant country has more prestige in international community.
(9) Increase in Government Revenue: The development of business also increase the government revenue. Industrial and business firms pay excise duty, income tax, sales tax, etc. to the government. As the number of business enterprises increase government revenue also increases.
(10) International Relationship: By the development of industry and trade we can export-import goods with other countries. The people of different countries come in contact with each other. It creates cooperation, understanding and relations among various nations.
(1) Fulfillment of Human Wants: In the modern time human wants are unlimited. Business fulfills such human wants through the production of goods and services.
(2) Creation of Utility: Business creates various types of utilities in goods so that consumer may use them according to their preferences and needs. The utility may be form utility, place utility, time utility, etc.
(3) Utilization of Natural Resources: Every country has certain natural resources. The business makes it possible to utilize natural resources to their maximum extent. As for example mineral resources are extracted by extracted by extractive industries. After wards they are used by other industries to make different types of useful articles.
(4) Employment Opportunity: The field of business is also important from the viewpoint of employment. Today a lot of people are employed by the development of business. So business contributes a lot in solving the unemployment problem of the country.
(5) Economic Development: The economic development of a country depends upon the development of business. Hence by utilizing the raw materials available in the country if we can develop industrialization, country could be developed. The economic prosperity of a country is judged by the number of large scale business existing in it.
(6) Supply of Quality Goods: The supply of quality goods and services to the consumers at reasonable prices is the responsibility of the business. The business should aim at consumer satisfaction. A business cannot flourish in the long run if it ignores consumers.
(7) Earning Foreign Currency: Business is the major source of earning foreign currency. By the development of business (industry, trade) finished goods can be exported to foreign countries and earn maximum foreign currency. Such foreign currency again can be used in importing necessary goods and services for the development of the country.
(8) Self-Sufficiency: Business can play an important role in making the country self-sufficient. It should produce all those goods, which are imported from outside. A self-reliant country has more prestige in international community.
(9) Increase in Government Revenue: The development of business also increase the government revenue. Industrial and business firms pay excise duty, income tax, sales tax, etc. to the government. As the number of business enterprises increase government revenue also increases.
(10) International Relationship: By the development of industry and trade we can export-import goods with other countries. The people of different countries come in contact with each other. It creates cooperation, understanding and relations among various nations.
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