Responsibilities of business - SS2 Commerce Lesson Note

The responsibilities of a business extend beyond just making profits. Here are two key responsibilities that businesses often undertake:

• Scholarship Awards: Businesses may choose to provide scholarship awards as a way to contribute to the community and support education. These scholarships are typically granted to deserving students who demonstrate academic excellence, leadership potential, or financial need. By offering scholarships, businesses help students pursue their educational goals and improve their future prospects. It is a way for businesses to invest in the development of talented individuals and contribute to the overall growth and progress of the community.
• Employment of People in the Community: Businesses have a responsibility to provide employment opportunities within the community. By hiring local residents, businesses contribute to the economic well-being of the community by creating jobs and reducing unemployment rates. This not only benefits individuals by providing them with income and livelihoods but also strengthens the local economy. When businesses employ people from the community, it can lead to increased spending power, improved living standards, and a more prosperous society overall.