Business and economy are two very important aspects of today’s world. Business and economy are interrelated terms and they are dependent on each other. Growth of business contributes to a significant extent towards the economy of a country and on the other hand, development of the economy of a country helps the businesses in that country to grow.
Business and economy play a significant role behind the growth of a country. Thus it is important to bolster the business and economy of a nation for the purpose of ensuring the well being of its people and the overall growth of the country.
Business Business is any type of legal activity, which is principally carried out for the buying, selling, leasing, or rental of real or personal property, or for the manufacturing, producing, or merchandising of commodities and products or any other type of personal possessions, or for the selling and provision of services to the common public in the form of displays or advertisements.The term business points out towards minimum three intrinsically connected commercial topics.
The first one refers to an industrial, professional, or commercial enterprise or organization, which is commonly denoted as a business.
The second one refers to any professional, commercial, or industrial operation in common. The last one refers to any specific domain of economic activity, for example computer business or record business.
Economy can be explained as the :
The effective implementation or usage of resources
The procedure of manufacturing and distribution, as well as consumption of products
The activity of economizing or reducing expenses
Prudence in spending of resources or money
Previously, the term economy referred to the supervision and control of the household resources. However, the termpolitical economy refers to the management and application of the resources of a state or country. It also includes all the business activities that are taking place in the state. When the purchasing power of the people is growing and the businesses are flourishing, the economy of a particular country is assumed to be in good condition.
World Economies Integration among the economies over the world has brought tremendous successs for world economy, particularly in the field of trade, commerce and information.
Last Updated on : 8th July 2013