A business is a venture or organization that involves the exchange of products, both services and goods, between the business and customers for a gain. A business can as well involve the production of the goods. Business can either be family owned or corporately owned. Further, it should also be noted that businesses can be operated nationally or internationally which implies that they do business only in their country of location or all over the world respectively.
Businesses are very important to the economy of a country. Most of a country’s income to run its operations is realized from income taxes paid in by business from their profits. Through international business, an economy benefits from the foreign exchange realized. Through businesses, the investment level in an economy rises and this is good for measuring the development level of any economy. Further, businesses lead to job creation increasing the living standards of the citizens. The working citizens will benefit the economy by contributing to its income through income taxes cut off from their wages. It is important to note that the GDP of a country is measured by adding the income, investment, consumption and the exports. Since through businesses exports, investment, income and consumption levels are increased, the economy will benefit from the rise of its GDP.