1.

Explain briefly the important of business.

Answer»
  • Revenue Generation: It is the key to revenue generation for the business owner since it brings in profit and proves to be a source of income for the owner.
  • Economic Growth: It is essential for the economic growth of a country since high revenue means higher tax collection.
  • Improves Standard of Living: A country with more industrial units and companies experience a higher rate of employment and better living standards.
  • Bulk Production: Manufacturing units involve large-scale production, which ultimately reduces the cost of production, and people get a continuous supply of goods at a reasonable price.
  • Innovation: It involves brainstorming and generation of new ideas which opens up the way for innovation and creativity.
  • Generates Employment: It is a long-term process which requires the human resource to function correctly. Therefore, it creates job opportunities.
  • Market Expansion: A good strategy and high customer satisfaction lead to a strong customer base aiming at market expansion.


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