Christiabel Mae J.

Jacela March 2, 2022

12 ABM-1

ASYNCHRONOUS 1: REFLECTION

5. How do business organizations contribute to Socio-economic development?

From improving an employee’s living standards to raising the region’s
economic autonomy, enumerating the contributions of business organizations to
a place’s socio-economic development would be an understatement in and of
itself.
For one, having an established business organization in a locality
produces more jobs that are crucial to a country’s annual salary. Even the
smallest of businesses contribute to the whole.
Opening up slots for employment consequently results in more economic
enterprise from the different sectors of the society–from the middle class to
conglomerates–regardless of the business’s scale. Not only does this push
social activities twofold, but it also initiates steady economic growth. If a
business grows properly, a third-world economy could steadily transform from
borrowing wealth to creating wealth.
Another pro of companies is their own products. If innovative products
are sold on a daily basis, and consistent development is pioneered with every
release, then the social development of a region will be significantly improved.
Improving the lives of people–who are either already employees or possible
employees in the near future–will also improve their efficiency and productivity.
These are only the tip of the iceberg. There are tons more contributions
that were left unsaid because I personally do not want to consume an entire
page dedicated to a single item. But regardless of that, I would still argue that
these are the most important contributions made by business organizations to
socio-economic development of a region.