Role of business

Business ------- The occupation, work, or trade in which a person is engaged.

Adam Smith (1723-1790). Regarded as the founder of economics, saw the field as ¡°an inquiry into the nature and causes of the wealth of nations¡±.

Alfred Marshall (1842-1924) saw economics as being ¡°a study of mankind in the ordinary business of life; it inquires how he gets his income and how he spends it¡±.

Economic ----- economics is that social science concerned with the way in which mankind allocates its scarce resources in order to satisfy its unlimited material wants.













Business plays a number of important roles in our modern society.

These roles can be summarized as follows

In relation to the government it:

- provides a source of revenue;
- acts as a tax collection agent;
- has a significant role in implementing government microeconomic, trade and wages policies;
- provides goods and services to the government;


In relation to ...