Role of business in relation to the economy

What is the fundamental role of business?

• Providing social services

• Creating economic value

• Addressing ecological challenges

• Offering financial assistance

What has dramatically changed over time in relation to businesses?

• Their primary goal

• Their size and scale

• Their role in society

• Their marketing strategies

Who is the first owner of Shoe Mart, as one of the country’s retail enormous, and far more than just a mall.

• Henry Sy

• 
  

  John Gokongwei

• Lucio Tan

• Tony Tan Caktiong

From where does business derive its social legitimacy and right to operate?

• Economic value creation

• Political affiliations

• Social media presence

• Employee satisfaction

What is the fundamental role of business that has remained relatively constant over time?

• Maximizing shareholder wealth

• Addressing social, economic, and ecological challenges

• Providing goods and services that people need or want

• Building partnerships with government agencies

What has changed dramatically over time regarding businesses?

• Their focus on profit-making

• Their reliance on government funding

• The expectations placed on them

• Their size and scale of operations

What is a major contribution of businesses to government financing?

• Providing goods and services at low prices

• Introducing new products and innovations

• Paying taxes

• Offering discounts to government employees

From where does business derive its social legitimacy and right to operate?

• Economic value creation and trust in leadership

• Partnership with competitors

• Government regulations

• Investment from external stakeholders

What is one of the primary roles of businesses in the economy?

• Providing jobs to individuals

• Avoiding taxes

• Investing in government spending

• Minimizing social responsibility

How do businesses contribute to changes in standards of living?

• By minimizing innovation

• By reducing employment opportunities n

• By introducing new products and innovations

• By avoiding economic competition