scispace - formally typeset
Search or ask a question

How does the business contribute to the economic development of a society? 


Best insight from top research papers

Business plays a crucial role in the economic development of a society by contributing to various aspects of sustainable growth. Entrepreneurs drive economic and institutional development, creating wealth, fostering innovation, and building communities . Corporate social responsibility (CSR) and social entrepreneurship are avenues through which businesses can address social problems, promote positive change, and support economic growth . By embracing concepts like Creating Shared Value (CSV), companies can make sustainable contributions to society's well-being while maximizing profits . The involvement of businesses in societal development brings benefits such as capital infusion, technology transfer, job creation, poverty reduction, and innovation, ultimately enhancing the overall economic landscape of the region . In essence, businesses act as key drivers of economic progress by fostering entrepreneurship, social responsibility, and sustainable practices.

Answers from top 5 papers

More filters
Papers (5)Insight
Businesses contribute to economic development by implementing Creating Shared Value (CSV) strategies, focusing on solving social issues through core operations, thus creating social and economic value sustainably.
Business entrepreneurs, not the state, drive economic and institutional development by creating wealth, building firms, and fostering community well-being. Their initiatives are pivotal for society's progress.
Business contributes to economic development by providing capital, technology, employment, skills, poverty reduction benefits, and non-commercial delivery of public goods, fostering innovation, and more, as suggested in the paper.
Entrepreneurship fosters economic growth by creating value, seizing opportunities, and adapting to change. Social entrepreneurship addresses societal issues, contributing positively to economic development and social change.
Businesses contribute to economic development by fostering socio-economic stability, creating employment opportunities, meeting consumer needs, promoting competition, and supporting national budgets, as discussed in the paper.

Related Questions

How has capitalism impacted the economy and society?4 answersCapitalism has had a significant impact on the economy and society. It has been recognized that decisions and developments in the global political economy have important repercussions on daily life, and the everyday behavior of non-elite actors can have important consequences for the global political economy when aggregated. Throughout history, capitalism has generated inequality, concentrating material goods in the hands of a narrow group of people, leading to political and economic domination over the disenfranchised poor masses. The recent transformations of capitalism have been seen as the origins of a general societal change, according to theories of the knowledge-based economy. Capitalist societies have experienced recurring crises, reflected in a 52-year cycle of changing thematic concerns or issues, which reflects a debate within society about the legitimacy of capitalist political economy. The negative effects of capitalism, such as poverty, social stratification, and totalitarianism, have been analyzed in the novel "The Hunger Games".
How does a competitive market benefit society?4 answersA competitive market benefits society by providing low-priced, high-quality, and innovative goods and services, improving standards of living, and increasing economic activities. Competition fosters entrepreneurship and productive employment, leading to poverty reduction, real income growth, and the creation of meaningful jobs. It promotes efficiency and prosperity by countering greed, encouraging new technologies and innovations, and eliminating inefficiencies. Competition ensures that no individual or company exercises power over another, protecting the principles of freedom and preventing the manipulation of rules or illegal actions. While competition generally benefits society, there are scenarios where it yields suboptimal results. In terms of corporate social performance, competition can lead to better social ratings and improvements in shareholder- and employee-related actions, but may not necessarily decrease concerns related to other stakeholders. Overall, a competitive market enhances economic well-being, social responsibility, and the protection of individual rights and freedoms.
What role do private companies play in society?5 answersPrivate companies play a crucial role in society by contributing to economic growth, creating employment opportunities, and promoting sustainable development. They are expected to adopt ethical standards and values that serve as long-term assets for the organization. The private sector is increasingly being called upon to play social roles in addition to their traditional economic roles, with the aim of contributing to the welfare of the population. This includes incorporating social responsibility into their institutional policies and engaging in responsible consumption and ethical investment. Private organizations are involved in a variety of social roles, although their goals for engaging in such roles may differ. The role of business in society has evolved, with corporate social responsibility becoming a contemporary philosophy of doing business. While corporations can have significant influence on economies and daily lives, it is important to recognize the important role they play in society.
What makes the corporation significant in society?3 answersThe corporation is significant in society because it has a long history of social purpose and has played a crucial role in financing, making, and selling goods and services. It has also exerted significant political, social, and economic influence on our daily lives. Despite concerns about corporate power, many corporations have voluntarily acted positively on behalf of society. The corporation has evolved from a narrowly constructed entity to one that resembles a human being in behavior, and there is a growing emphasis on Corporate Social Responsibility and ethical business practices. The role of public relations leadership is seen as important in realizing this new business environment. The corporation is a legal creation of the state and serves the socio-economic goals of government. The legal and economic development of the corporation reflects its role in society, and there is an ongoing legal debate about its nature and metaphysical status.
What is the contribution of community in the business?5 answersThe contribution of the community in business is significant. When a community forms around a brand, it creates strong bonds between the people in it and the brand they love, leading to authentic earned media and content sharing within the community. The business and industry world contribute to community empowerment by increasing independence, forming study groups, and enhancing skills and knowledge. The business community plays a crucial role in ensuring sustainable regional development through financial support and scientific and technical potential. Companies also engage in social responsibility activities and social marketing, aiming to benefit both the community and the company. Community businesses, which are profit-making enterprises, allow community residents to solve their own problems and promote self-help approaches.
What is socioeconomic development in the world?5 answersSocioeconomic development refers to the progress and improvement of a society in terms of its economic and social well-being. It involves the enhancement of living standards, employment opportunities, infrastructure development, poverty reduction, and access to healthcare and education. Governments prioritize managing economic growth as it contributes to national currency strength, global competitiveness, and overall societal advancement. The dynamics of socioeconomic development and stagnation in developing countries are influenced by various factors such as health, life expectancy, education, population growth, and political stability. Efforts to achieve socioeconomic development often involve the implementation of national development plans, policies, and strategies that aim to address the needs and welfare of the population. By understanding the complexities and interplay of these factors, policymakers and practitioners can work towards sustainable and inclusive development for all.

See what other people are reading

What is the role of innovation promoters in driving economic growth and development in different countries?
5 answers
In driving economic growth and development in different countries, innovation promoters play a crucial role. Research indicates that the number of researchers in the R&D sector significantly impacts GDP per capita in advanced economies, highlighting the importance of innovation in economic progress. Furthermore, the relationship between entrepreneurship, innovation, institutions, and economic growth is explored, showing that innovation positively affects economic growth and entrepreneurship, while well-functioning institutions enhance economic growth and opportunity entrepreneurship. Additionally, the influence of product and process innovations introduced by firms in a region on economic development is studied, with process innovation found to positively influence GDP growth after a certain period, emphasizing the positive impact of innovation on economic development at regional levels.
What factors contribute to the increasing number of young adults (21-30 years old) becoming business owners?
4 answers
Factors contributing to the rising trend of young adults (21-30 years old) becoming business owners include the appeal of entrepreneurship in overcoming unemployment challenges, the impact of economic turmoil on traditional employment opportunities, the influence of sustainable and socially conscious values on entrepreneurial goals, and the behavior analysis revealing motivations and challenges faced by young individuals in deciding to start a business. Additionally, the desire for autonomy, decision-making power, and flexibility in work arrangements are significant attractions for young people considering entrepreneurship. The availability of educational resources and the development of a modern business mentality among the youth are also crucial in fostering entrepreneurial aspirations and actions.
How much intrinsic motivation is in NGO?
5 answers
In non-governmental organizations (NGOs), intrinsic motivation plays a significant role in driving employee engagement and satisfaction. Research findings indicate that employees in NGOs are attracted to the diverse characteristics of such organizations, enjoying the intrinsic aspects of their work and feeling listened to. Moreover, studies highlight that intrinsic motivations, such as gaining new experiences, increasing knowledge, and enjoying the work itself, are deeply rooted in the culture of employees in NGOs. Additionally, it is noted that individuals in NGOs may be disproportionately intrinsically motivated, which can impact their satisfaction levels and perceptions of leadership effectiveness. Therefore, intrinsic motivation is a crucial factor in understanding the dynamics of motivation within NGOs, influencing employee satisfaction and organizational performance.
Why most business owners are 21-30 years old?
5 answers
Most business owners are aged 21-30 due to various factors. Young entrepreneurs face challenges due to their age, lacking credibility from business and government representatives. However, younger individuals often possess high levels of creativity, a crucial trait for entrepreneurship. Networks play a vital role in providing knowledge and resources to entrepreneurs, with personal relationships being essential for advice and support. Additionally, younger individuals are more likely to seek advice from friends and family, which can aid in the initial stages of starting a business. Moreover, older societies tend to have lower rates of entrepreneurship, potentially hindering younger individuals from acquiring necessary business skills. Therefore, the combination of creativity, support networks, and the opportunity to gain experience contributes to the prevalence of young business owners in the 21-30 age group.
What is feasibility study?
4 answers
A feasibility study is a crucial step in assessing the viability of a project or business idea before proceeding with it. It involves researching various aspects such as legal, market, financial, and technical considerations to determine if the project is feasible to pursue or not. Feasibility studies are essential for making informed management decisions, predicting market scenarios, conducting competitive analyses, calculating investments and expenses, and justifying economic efficiency. These studies are conducted to evaluate the potential success of a business venture, assess demand enhancement opportunities, and ensure financial viability before initiating the project. Feasibility studies are also crucial in the development of hospitality properties, providing an objective assessment of whether a proposed development meets the essential requirements for a successful business.
Issues related to entrepreneurial endeavors to college students
5 answers
College students face various challenges in their entrepreneurial pursuits. These include inadequate policies, lack of support, and limited social experience, leading to low enthusiasm and success rates. Insufficient ability to recognize entrepreneurial opportunities, weak entrepreneurial spirit, and a lack of belief in entrepreneurship hinder students' ventures. To address these issues, a systematic support system involving society, universities, and the government is crucial for guiding and supporting student entrepreneurs. Factors influencing students' entrepreneurial intentions include entrepreneurship education, mindset, self-efficacy, creativity, and social media presence. Additionally, challenges like lack of funds, entrepreneurial values, and social skills impact innovation and entrepreneurship among students, necessitating optimized curricula, policy adjustments, enhanced industry collaboration, and better resource allocation.
Issue ithe philippines how to equipp the student to technology
4 answers
To address the issue of equipping students in the Philippines with technology, various initiatives have been implemented. The Academic and Technology Integration - Educational Program (ATIEP) aims to extend agricultural education to underprivileged rural youth, exposing them to both academic and technical aspects of farming. Additionally, leveraging technology trends and creating an ecosystem that approaches education for employment from various perspectives are proposed strategies to reach Filipino youth on a broader scale. Furthermore, the integration of assistive technology (AT) in teaching learners with special educational needs (LSENs) has been explored, highlighting the benefits and challenges faced by SPED teachers in utilizing technology for teaching. Moreover, the introduction of information, communications, and technology (ICT) into Technical and Vocational Education and Training (TVET) through the TESDA Online Program (TOP) has enabled access to online technical education for over a million Filipinos, contributing to equipping them with necessary skills for employment.
Islam and businesses ethics
5 answers
Islamic business ethics play a crucial role in guiding Muslims in their business practices. Islam emphasizes ethical conduct in all aspects of life, including economic dealings. Entrepreneurship in Muslim-majority countries is gaining importance, with a focus on the ethical implications guided by Islamic teachings. The essence of Islamic entrepreneurship lies in adhering to ethical principles outlined in the Qur'an and Hadith, promoting honesty, fairness, and sincerity in business transactions. Education on Islamic business ethics, such as the course offered in Islamic institutions, aims to equip students with the knowledge to conduct businesses in accordance with Sharia principles. However, studies reveal that some market sellers still fall short in fully implementing Islamic business ethics, particularly in aspects like transparency and fairness.
What reasearch has been done regarding the commons and innovation?
5 answers
Research on the commons and innovation has explored various aspects such as the dynamics of innovation in collaborative spaces, the role of hacker communities in revealing entrepreneurial opportunities, the governance of resources like potato genetic resources, the application of commons in supporting innovation in Knowledge Management literature, and the significance of innovation commons as repositories of freely-accessible information for innovating firms. Studies have highlighted the orchestration of innovation by informal groups in collaborative spaces, the correlation between hackerspaces and digital entrepreneurship, the co-production framework of innovation and commons in potato genetic resources governance, the application of commons in Knowledge Management for innovation support, and the value of innovation commons in reducing investment barriers for innovators.
What orgnaisatons need to be aware of for Long Term Orientation Dimension when choosing the best market entry mode?
5 answers
Organizations aiming for long-term orientation in market entry mode selection should consider various factors. Firstly, the importance of directed search for export customers is crucial. Secondly, personal drivers like the need for achievement and contextual drivers such as the perception of institutional support significantly impact an SME's long-term orientation. Additionally, building strong relationship quality with clients can lead to increased ethical conduct, emphasizing the role of commitment and long-term orientation in principal-agent relationships. Moreover, the choice of entry mode driven by different environmental responses can affect firms' innovation performance, with economic stability and investment protection in the host country playing a significant role. Family firms are often assumed to have a higher long-term orientation compared to nonfamily firms, highlighting the importance of this dimension in family business research.
Bussines partnership owners: challenges and opportunities encountered by entrepreneurs in mandurriao district?
5 answers
Entrepreneurs in Mandurriao District face a mix of challenges and opportunities in their business partnerships. Challenges include limited access to financial resources and business networks, especially for women entrepreneurs. Additionally, entrepreneurs encounter obstacles in establishing economically viable small-scale units despite government initiatives. On the flip side, there are opportunities for growth and expansion, particularly for women entrepreneurs, with a focus on motivating factors and potential for development in Oman. Understanding these challenges and opportunities is crucial for fostering entrepreneurship in the district, addressing issues like access to resources, training, and market entry, while leveraging the innovative potential of entrepreneurs to drive economic development and sustainability.