Why Is Business So Important To A Country’s Economy? Economics Essay

804 words - 4 pages

1. Why is business so important to a country’s economy?
2. Basic steps to starting you own business in Uzbekistan
Business is an organization or an economic system where goods and services are exchanged for one another or mostly for money. Three major types of businesses are: general partnership, where two or more persons agree to contribute money, labor and a skill into the business development after what the profit is shared among the individuals;
sole proprietorship, which is the most common type of business where only one individual runs his or her own business; and the most complex one – a corporation with its’ own certain rights, privileges, and liabilities beyond those of an individual.
Businesses are a driving force in an economy and hugely important in its development. All kinds of businesses, starting from very small ones up to huge corporations contribute to local economies by bringing growth and innovation to the community in which the business is established. The new established business creates job opportunities, as the company needs people to help sustain and develop the business, as well as serve their goods and services to consumers. This helps to decrease the unemployment rate, thus the taxes the government gets arise. From the taxes collected from the population, the country ensures the roads we travel on are safe and well-maintained, funds public places, military that secures the borders and preserves its peace, governments programs that helps poor and less fortunate, supports common recourses such as police and firefighters and increases the standard of living of the population overall.
The more businesses are set, the more contention and competition it creates and obviates monopolization of the state. Competitions between companies cause validate ideas, helps educate the target markets, pushes the company forward and create differentiation. The company can state that their idea is good when it sees that other people are coming up with similar products or services. This also means that the cost of marketing and educating goes down. Being first-to-market can be a huge advantage, but that also means that you will have to spend way more than the 2nd-to-market player to educate the market about your new widget, your new solution to a problem, your new approach to services. This is especially true for businesses that are extremely innovative. The next point is that competition causes competitors to push themselves to overcome the opponent, to have better products and services that attract the costumers and evolve offers that they create. In the long – term, competition will help build a better business and create better offers for...

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