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How business helps in the process of social development?

Business is regarded as a part of economic institution and an important constituent of the society. Business helps is social development by raising the standard of living of the people in the society. Business as an important constituent of the society contributes to the social development in the following manner:

  • It facilitate production of goods and thereby satisfies the wants in the society.

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  • It creates employment opportunities in the country and thereby helps in raising the standard of living of the people in the society.
  • It develops various infrastructures like roads, power supply and general and technical education. The society get benefit of the above infrastructure.
  • It increases revenues of the government through tax and duties.
  • It facilitates in better utilization of resources.
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