Role of Business in the Economy

Economy of any country can be defined as a system that integrates micro economic units that act as group to

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distribute, produce, consume and use of wealth in the country. The trade is the important component that drives economy of any country at greater extent. The trade is executed by the business and it is because it plays an important role in an economy. Business is engaged to produce goods and services that are sold to the consumers and government in exchange of money. The money that is received by businesses in exchange of goods is used to purchase other goods and raw material from other firms like suppliers. This constant flow of money in exchange of goods and services is quite essential to build an economy.

At the same time our economics homework help experts says that, businesses are became an engine that contributes in the growth of the economy of a country as it obtains varied resources such as labour, material, products and coordinate them in order to produce and distribute goods and services. The economy of a country mainly depends on the goods and services as well as the employment that is generated by the small and big business firms. This function of businesses provides an effective floor to flow the money between the different parties of society such as business to employees, consumers to business, business to government etc. This process is essential to form an economy of any country.

Similarity and Difference between Profit and Non-profit Organization

Organizations that are used its revenue for the welfare of society rather than to distribute it among the owners can be defined as non-profit organization. In contrast, profit organizations are considered those businesses, which are aimed to earn profit. Both profit and non-profit organizations are derived for absolute different objectives. Non-profit organizations are mainly relayed on donations and grants and in contrast for profit organizations totally depend on the income that it generated from its operations. We also provide microeconomics homework help services to our students.

As per economics homework experts, For profit organizations are accountable to pay taxes to government on their income, but the income of non-profit organizations is tax deductable. On the other hand, the termination of both organizations is also different. The assets of profit organizations are distributed among the owners or shareholders at its liquation, but non-profit organizations’ assets are given to similar organization. Some similarities are also existed as both organizations are created to fulfill the specific need of society. The success of both organizations is not guaranteed as both can grow, merge and terminate at any time. The growth of both organizations depend on same factors such as inspire and competent staff, service delivery, proficient management etc. that creates similarity between profit and non-profit organizations.

Business Economics Homework Help and roles of for-profit and nonprofit organizations in the economy by economics.homeworkhelpexperts.com

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