The Role of Business in Economy and

the Different Phases of Economy

Development
In this module, you will be able to:
1. Explain the role of business in relation to th e
economy; and
2. Discuss the different phases of economic
development
What is the important role
of business enterprise in
the society?
 1. The business sector’s response to the need
for more jobs.
2. The private sector’s response to the needs
for more housing and health services
3. The private sectors response to the needs
for quality education
4. The private sector provides individuals more
choices in life such as leisure and productive
venture.
CORPORATE SOCIAL RESPONSIBILITY

Conciousness of business firms

responsibility to society is called
corporate social responsibility.
There are numerous ways by which
Philippines companies practice CSR.

1. Giving free medical and dental services to

poor communities to improve health.
2. Cleaning up of clogged waterways and
rivers
3. Sponsoring sports tournaments
4. Conducting free training on setting up
livelihood projects
 5. Complying fully with government
regulations and standards
6. Responding to consumer’s feedback
7. Using production methods that do not
pollute the environment
8. Adopting energy conservation measures
within the company
Another concept related to CSR is the Triple
Bottom Line or focus on the so-called 3 Ps.
PROFIT, PEOPLE, and PLANET

PROFITABILITY- financial performance

PEOPLE- Social benefits
PLANET- Environment impact
Different Phases of Economic
Development