Business--It's Role in Today's Society
In today's fast paced and technology driven society business is changing by the minute; as well as how we conduct and do business on foreign and a domestic level. A business is defined as any activity that provides goods and services in an effort to earn a profit. The role of business in the economy is huge especially when analyzing its impact when there is a lack of job availibity and household revenue. Lets take the economic breakdown in 2008 when we were in a recession as an example.
During the economic downfall of 2008, the economy took a huge hit and from that came a rise in the loss of homes, jobs, and income. A decline in each of these critical areas resulted in a loss for the nation because if people are unable to find work then in turn they are reluctant to spend money; decreasing the flow of revenue into the economy. This all ties into business. If businesses are successful then there is a positive trend in the economy and the same can be said of the opposite. All was not lost though, in 2008 with the economy in a downward spiral we still had 19% of american adults who were involved in entreprenur activity by managing or starting their own company. Alot can be learned about entrepreneurs by studying the entrepreneurship era, one the four eras of business. During this time individuals were "self-starters", working and promoting themselves.
The production era which was in the early 1900's where business focused on refining the production process and creating greater efficiences. Now to the era we are currently in which is the relationship era where building relationships with customers and clients and partners to further expand our products to the world. So as we continue to break down the role of business in our economy, we have to look at the non profit organizations. These are business like establishments however; the primary goal is not to make a profit...
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