The Role of Business in Society
What is Business
An entity that provides goods and services to people and operates for the benefit of
making profit.
The role that business plays in society
• Job creation
• Supply communities with products and services
• To make profit
• To boost the country’s economy
• Pay taxes to the government
• Help preserve raw materials as they are turned into products and services
Needs and needs satisfaction
People have unlimited needs ,however the environment does not produce enough
resources to be able to meet the society’s needs and wants, and therefore people are
supposed to make a choice to use the available resources wisely.
To get the most satisfaction with the unlimited resources is called Maslow’s hierarchy
of needs
It is the responsibility of the management to know what the business needs are since
the aim of the business is to satisfy the needs of society.
Maslow’s hierarchy of needs
Physiological needs-basic needs such as water, air, clothing, shelter and food.
Safety and security needs-The need to feel safe and protected from harm e.g. violence,
financial security needs etc.
Social needs-the need to belong to a society, to interact with others and form
relationships.
Esteem needs-the need to feel confident, achievements and be recognized.
Self-actualization-the need to achieve more than what we are, to progress and develop
professionally.
Society’s scarce resources
In the world that we live in our environment is not able to produce enough resources
that will be able to fulfill our needs and wants.
Four production factors
What is Business
An entity that provides goods and services to people and operates for the benefit of
making profit.
The role that business plays in society
• Job creation
• Supply communities with products and services
• To make profit
• To boost the country’s economy
• Pay taxes to the government
• Help preserve raw materials as they are turned into products and services
Needs and needs satisfaction
People have unlimited needs ,however the environment does not produce enough
resources to be able to meet the society’s needs and wants, and therefore people are
supposed to make a choice to use the available resources wisely.
To get the most satisfaction with the unlimited resources is called Maslow’s hierarchy
of needs
It is the responsibility of the management to know what the business needs are since
the aim of the business is to satisfy the needs of society.
Maslow’s hierarchy of needs
Physiological needs-basic needs such as water, air, clothing, shelter and food.
Safety and security needs-The need to feel safe and protected from harm e.g. violence,
financial security needs etc.
Social needs-the need to belong to a society, to interact with others and form
relationships.
Esteem needs-the need to feel confident, achievements and be recognized.
Self-actualization-the need to achieve more than what we are, to progress and develop
professionally.
Society’s scarce resources
In the world that we live in our environment is not able to produce enough resources
that will be able to fulfill our needs and wants.
Four production factors
