Exploring the Roles of Education and Business in Global Economics

This essay examines the intertwined roles of education and business in fostering economic development, emphasizing their significance for both individual self-improvement and national economic advancement. It highlights education as a fundamental pillar for developing human capital and ensuring sustainable economic growth, while also addressing challenges such as the need to balance academic rigor with co-curricular interests. The analysis extends to the business sector, underscoring its pivotal role in addressing issues like brain drain and attracting foreign direct investment, while also cautioning against corporate malpractices that can undermine economic stability. The report concludes by advocating for a balanced approach where businesses prioritize societal welfare alongside profitability to maximize their positive impact on the economy and reduce unemployment.

THE WORLD OF
EDUCATION

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
Essay 1 “The World of Education”.............................................................................................3
Essay 2 “The World of Business”...............................................................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................1

INTRODUCTION
Education is the way through which an individual can develop themselves and the business
of the country or nation. Education and business both are linked with the world and nation
development so the report will discuss the importance of education and business for economic
growth including individual self-development.
MAIN BODY
Essay 1 “The World of Education”
Education is the process of receiving and giving knowledge of values, skills, morals, habits
and beliefs etc. along with the systematic instructions. It is a fundamental of development in
every sense whether it is a development of child, country or even the economy of the nation.
Children are the future of the nation if they do not get proper education then how will they
contribute in the development of the nation. Earlier it was viewed that family itself do not show
any interest towards the education of their children (Shelton, Corral and Kyle, 2017). Bu
nowadays every parent wants their children study more and more and for this they provide all
facilities to their children. It is important for the government to understand that no country can
achieve the sustainable economic development without spending funds in the human capital and
for their proper education. For this the government of the country have to launch strict education
system in which every child get chance to study. Despite various benefits of the education
system, there is also viewed that sometime because of strict education the child losses it
conscious and interest from the other co-curricular activities. Parents forces their children toward
the study that much even if that particular child have interest in sports filed. So, it become
important for the parents to analyse and visualize the interest of their children and support them
in the filed they have interest.
The education system of the country is related with its economy performance because the
children are the one that going to serve the country in the future and represent the country at the
world level. Because of the low labour supply to the business, they need to pay higher wages to
the labour and also need to provide training and development programs which lead to increase in
their cost. So, to deal with this challenge the government have to provide best education system
to their children’s. For this, they can launch various schemes for the children that do not have
money to study but have bright mind and ability. In order to improve the education of the
country and to develop the human growth, the education institutions can launch scholarship for

the top ranker’s students and for the poor students (Impedovo, Ginestié and Williams, 2017). By
doing this, it helps the children in becoming the better citizen of the country and further with this
every child will get better paid job in the future. This will further help them it providing all the
facilities to their family members and also help them in understanding the difference between
right and wrong and good or bad.
Essay 2 “The World of Business”
Business is an organization or enterprise which is engaged in the industrial, commercial
and professional activities in order to provide the best and high-quality service to the home as
well as foreign customers. It is basically the career path or opportunity for the candidate who
choose management as their career field. In the development of the economy of the nations
businesses plays crucial and significant role because the business is the one that overcome the
issues and problem related to brain drain. It is because every talented individual for their
personal growth expects the high package and promotions from the company. And if because of
the lack of number of business, they won’t receive what they expect from their company then the
candidate must move to other countries (Haidt and Trevino, 2017). So, to restrict this the
government of the country must provide funds and loans to the individuals that want to start their
own business and want to serve the country’s public with home products and services. Before
starting any business, it is important that the individual know the rules, regulation and procedures
of incorporating any business whether it is for profit motive or not for profit motive. The
business that works according to the interest of the government and their internal and external
stakeholders provides development and growth to themselves as well as economy of the country.
But sometimes despite of providing growth to the economy, many businesses decrease
the growth of the country by their wrong step and corporate vile. The business takes huge funds
from the banks in the form of loan and credit basis and run away from the home country in order
to shift to other country. By such action of the business the investors, customers and shareholders
suffer a lot. This put negative impact on the economy of the country as well as the nations
because it reduces the foreign direct investment in the home country. Foreign direct investment
is the way through which any company can emerge itself in the international market (Delen and
Ram, 2018). So, it is important for the banks to analyse all the steps of the owner of the business
before providing them such a large amount of funds. It is also important for the government of
the country to put an eye on the business activities on the regular basis. If the company do not

follow the principles and practices of the business which is set by the government then
government have to take step against the company and seal that company. The business has to
put more focus towards the society welfare rather than their own profitability increment. It is
because large number of business in a country can reduce the unemployment rate of that country
and can provides job to more and more people.
CONCLUSION
The report concludes the importance and challenges of the education system for the
children self-development and nations economy development. The report also critically evaluates
the businesses impact over the development of the country and their economy.

REFERENCES
Books and journals
Shelton, P. G., Corral, I. and Kyle, B., 2017. Advancements in undergraduate medical education:
meeting the challenges of an evolving world of education, healthcare, and
technology. Psychiatric Quarterly, 88(2), pp.225-234.
Impedovo, M. A., Ginestié, J. and Williams, J., 2017. Technological education challenge: an
European perspective. Australasian Journal of Technology Education, 4(1).
Machicao, J. C., 2019, February. Higher Education Challenge Characterization to Implement
Automated Essay Scoring Model for Universities with a Current Traditional Learning Evaluation
System. In International Conference on Information Technology & Systems (pp. 835-844).
Springer, Cham.
Haidt, J. and Trevino, L., 2017. Make business ethics a cumulative science. Nature Human
Behaviour, 1(2), pp.1-2.
Delen, D. and Ram, S., 2018. Research challenges and opportunities in business
analytics. Journal of Business Analytics, 1(1), pp.2-12.
1

2