The Role of Business in the Community Business is a part of the community. It encompasses many people; the business operators, the suppliers, their employees and their customers. The families of all these people use the goods and services provided by business. All rely on business success for their quality of life. Business provides: Employment Wealth Creation Quality of Life Entrepreneurship and Innovation © Criddle, Hinton, Nizam

SITUATIONS VACANT Employment Opportunities available for people to contribute to society, help the economy grow and provide for their family. Paid work gives people the economic resources needed for day to day living for themselves and their families and to meet their long term financial needs. Employment contributes to a person’s sense of identity and self-esteem. Many individual businesses create a fabric of employment. In September 2006 there were over 10.2 million people employed in Australia. © Criddle, Hinton, Nizam Back

Wealth Creation Generating revenue and maximising profits are the main goals of a business. The shareholders benefit from receiving dividends and by their shares increasing in value. Business owners benefit by receiving income. Employees benefit from secure employment. Governments benefit from receiving taxes and charges which are then used to provide services and infrastructure to the community. A measure of wealth creation is a country’s Gross Domestic Product (GDP). GDP is the dollar value of all goods and services produced by business within Australia in a given period of time. It is a measure to show a country’s wealth. Back © Criddle, Hinton, Nizam

Quality of Life Society’s standard of living is determined in part by the services and infrastructure provided by governments, for example education, roads, hospitals and police. Business pays tax and the individuals earning an income from business pay tax on that income. Businesses also pay fees to local, state and federal governments for registration, licensing and permits. This income is then used by governments to provide services and infrastructure. Businesses are created to meet the needs and wants of people and provide a wide variety of goods and services. This choice and access to goods and services adds to our quality of life. Innovations by business increase our quality of life. Back © Criddle, Hinton, Nizam

Entrepreneurship and Innovation Through business you can pursue an interest, develop your ideas and create an enterprise. From a home based business to a large corporation, the risks taken by individuals can benefit society as a whole. Business gives people the chance to turn new ideas and new ways of doing things into business success. Business invests in innovation to improve and create new products, to lower costs and to enhance our quality of life by finding better ways to do things. Back © Criddle, Hinton, Nizam