The Contribution of Business Made to the Economic and Social Well Being of Australia

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.
Wealth creation.
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. …