Nowadays, "business" has become the most popular and well-know word in the modern society. If you type this word in the search column of Yahoo Australia, there are approximately 402,000,000 results available. Indeed, as an important element of our society, businesses have made much contribution of the economic and social well being of Australia in different aspects including: wealth creation; employment; innovation; quality of life; choice and entrepreneurship.
The major goal of most businesses is to make profit. This is done through the process of value adding which are virtually the daily operations of businesses. This wealth is then distributed to various stakeholders of the businesses such as shareholders, employees and governments etc. Hence, the overall wealth of the society is raised to a higher level. In the modern society, everybody is related to some businesses one way or another. For example: the books bought from book shops, the clothes bought from clothes shops, the food bought from canteen, the pens bought from newsagencies etc.
All of these are activities relating to businesses, and these activities are the component of our economy. Therefore, businesses are the driving force of our economy. In fact, economic growth is achieved by continued business activities. Businesses are like wealth generators in our economy, without them, poverty will increase and spread and people will suffer. Research shows that the top 100 businesses in the world are all from rich economies such as USA, Japan, Europe, Australia, South-East Asia, East Asia etc. This proves the fact that businesses are important in wealth creation.
Businesses are also important in creating employment for Australian people. People need money to survive; hence they work for different businesses to earn the money they need. This simple relationship between people and business illustrates one of the important...