The objective of business is to develop, produce and supply goods and services to customers. This has to be done in a way that allows companies to make a profit. The social skills of company owners, combined with relationships with customers, suppliers, etc., are always essential if companies are to be run well. Companies improve their capital by developing materials and ideas. The goods and services produced must meet demands made by customers if companies are to be successful. Businesses can make a profit when customers are willing to pay more for goods and services than it costs to produce them. The ability to make a profit is a basic requirement for business, but it is also a foundation for a society to prosper. Profitable companies are capable of creating goods, services, processes, return on capital, work opportunities and a tax base. Without business, there would be no opportunities for the economy to grow.
Most businesses are developed to earn profit for their owners but there are also non-profit organizations, where revenue is used to achieve goals instead of distributing funds as profit. Non-profit organizations play an important role in the economy, often working with other businesses to improve the quality of our society. A non-profit organization has a mission that benefits the community, society, or the world. The profits of a non-profit organization do not belong to the organization's directors, staff, or its members. Non-profit organizations with a charitable, religious or educational purpose may be federally exempt from paying state or federal income taxes. The funds for which the business was formed cannot be used for anything else in a non-profit business. When a for-profit organization goes out of business, its property can be liquidated and the earnings dispersed to the business owner and share holders. When a non-profit goes out of business, its remaining property must be distributed to another non-profit organization.
The economy is still struggling to recover from the economic crisis that began in 2008. Monetary policy and fiscal policy are both important to the U.S. economy. Each provides methods for influencing growth and development. Fiscal policy uses tax and spending changes to influence the economy. The federal budget is the primary spending system, and the primary means for funding the budget is taxation. Monetary policy affects all kinds of economic and financial decisions people make, such as getting a loan to buy a new house or car or to start up a company. Monetary policy attempts to impact the economy by changing the supply and demand of money. The Federal Reserve changes interest rates and controls the supply of money. Although the growth rate of economic activity appears to be picking up, the unemployment rate still remains elevated. The current concern of most Americans is the effect on the middle class. Americans are being asked to cut wasteful spending, to do their fair share, and making tough choices on some things that cannot be afforded, while keeping the investments we need to grow the economy and create jobs.Economic growth is affected by the levels of taxes and spending. Our economy’s fiscal situation has deteriorated considerably since the onset of the financial crisis and the recession in 2008. There are still large numbers of people trying to recover from foreclosures and job loss. Taxes and products and services are continuing to rise and making it hard for most consumers to get ahead in today’s economy.
Businesses such as Verizon Wireless were able to thrive despite the recovering global economy. Verizon wireless has stayed ahead of the curve by being knowledgeable about changes in technology as well as continuing to find new ways to be competitive and meet the demands of customers. The continued growth of mobile, broadband service and the quick development of the video market have allowed Verizon Wireless to reach these global markets. With the rollout of new 4G mobile networks global market access continues to grow. 4G wireless allows more Verizon Wireless customers to travel abroad and use their devices, which benefits the international wireless companies. Cloud computing is the use of computing hardware and software and delivering over a network , such as the internet. Cloud services will continue to grow in both consumer and enterprise markets. Business customers will continue to use this technology to expand their capabilities without always having to connect to a computer. Growing markets such as China, India and Latin America are expected to see strong growth.
Though, Verizon Wireless is contributing to global growth, they also make social contributions. Social responsibility is the obligation of a business to contribute to society. Verizon Wireless focuses on meeting the needs of everyone involved in the business, right down to the consumer. HopeLine, Verizon Wireless' phone recycling and refurbishing program, collects wireless equipment that is no longer used, from any wireless service provider. Phones donated to HopeLine that can be refurbished are sold to be used again and those without any value are recycled in an environmentally friendly way under a zero landfill policy. Money earned from the HopeLine program are used to provide wireless phones and cash grants to shelters and non-profit organizations that focus on domestic violence prevention and awareness. In the aftermath of Hurricane Sandy, Verizon Wireless placed mobile stores in many locations in the areas affected. The mobile stores were stocked with wireless devices and accessories. Device charging and free domestic calls to local residents, regardless of their wireless provider were offered to the victims. Verizon Wireless also offers tuition assistance to all employees, starting on the first day of employment. The donations and contributions to the economy, will allow Verizon to gain recognition. Getting notice from the economy keeps the current customers loyal and gains new customers who want a company that truly cares about the economy. Verizon will also gain employees by continuing to offer tuition assistance.