QS Study

The Role of Business

Most business leader’s actively supported community action program’s of their own communities as a means of exercising Social responsibility. They believe that business should be involved, just as other members are involved and should cooperate with other institutions in finding solutions to problems of the local community. In any market economy, business plays a huge role. Business is the engine of an economy. The business provides jobs that allow people to make money and goods and services that people can buy with the money they make. Without business, the economy would be very inefficient and/or very primitive. There are three important roles to maintain in business that is –

(a) Profit: Only by making profits, it is argued, can business maintain and increase the assets which are so necessary for solving the immense social problems facing America today. The business has performed same activities that activities are needed expenses and these expenses are must be pay in a portion of the profit.

(b) Product decision: Traditionally the role of business has been to make product decisions on behalf of society. That by allocating resources to the production goods and services it believed society wanted. How well products satisfied social wants, was determined in the marketplace.

(c) Assisting governing: It is becoming increasingly clear that be for business can effectively. Work toward solutions to major social problems, there must be an adequate political and philosophical framework within which to work.