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Class : 11
Unit : Business

Shows the important of business.

Ans : The importance of business are presented below: i) Economic development:- Business helps in the economic development of country by establishing different industries, trade link and services. As a result people get employed, increase their incomes and improve standards of living. ii) Providing employment opportunities:- Business provides employment opportunities to the different people at different level on the bases of their skill, knowledge, experience and educational qualification. Right people should be placed at right job. Business generates more employment opportunities. iii) Utilization of resources:- Business utilizes both natural and human resources for the economic development of the country. The factors of production (Men, Money, Material, Machine and Management) are carefully utilized for the benefit of society and business itself. iv) Creation of utility:- Business creates various utilities to give satisfaction to consumers and earn money. The manufacturers create firm utility, warehousing create time utility, transportation create place utility etc. v) Provide investment opportunity:- Business provides investment opportunities to the investors in manufacturing, commercial and service sector. The person who has sufficient capital can invest their capital in business on the basis of their interest, capability and knowledge. vi) Self-sufficient:- Business utilizes available resources and makes the country self-sufficient in different products. It helps to save foreign currency by minimizing import. A self-sufficient country has distinct prestige in international level. vii) Generating government revenue:- Business pays various tax to the government. These taxes are excise duty, income tax, sells tax, custom duty, VAT, clearing charge. Government invests such revenue for betterment of social work and infrastructure development of the country. viii) Earning foreign currency:- Business is the major sources to earn foreign currency by exporting the products to foreign countries. Tourism, woolen carpets, readymade garments etc. are the important sources of earning foreign currency in Nepal. ix) Development of international relationship:- Business develops international relationships by importing and exporting goods with other country. The people of different countries come in contact with each other which help to increase good international relations. x) Supply of quality goods:- The supply of quality goods and services to the consumer at a reasonable price is the main responsibility of business. It’s am should be consumer satisfaction by meting their changing needs.
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