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Outline two benefits which business can bring to a local community: (i) (ii) - Leaving Cert Business - Question 15 - 2007
Question 15
Outline two benefits which business can bring to a local community: (i) (ii)
Worked Solution & Example Answer:Outline two benefits which business can bring to a local community: (i) (ii) - Leaving Cert Business - Question 15 - 2007
Step 1
(i) Employment
Answer
One of the key benefits that businesses bring to a local community is employment opportunities. When businesses establish themselves, they create jobs for local residents, which not only helps individuals to earn a living but also contributes to reducing unemployment rates in the area. These employment opportunities can range from entry-level positions to management roles, catering to various skill sets.
Step 2
(ii) Spin-off effects – wages spent locally in shops, etc.
Answer
Another significant benefit is the spin-off effects of wages spent within the local economy. When businesses pay their employees, those wages are often reinvested in the community by purchasing goods and services from local shops and businesses. This circulation of money stimulates further economic growth, improves local services, and supports community development.