P3 interpret and assess relevant data statistics to illustrate how micro and small business impact on the economy.
Micro and small business may not produce as much money as large business organisations but they are very essential and are most important donor to the economy. Micro and small business can be regarded as the building blocks of the economy. Following are the impacts of micro and small business in the economy:
• Economic growth: micro and small business contributes to the economy by bringing growth to the area where the business has been established. By providing the employment opportunities to the unemployed people the micro and small business helps in motivating the economic growth. Various large companies also depend on the small