Assessing the role of the business sector in region's social development

The business sector of the economy meets the needs of the national economy. Its development is also an important mechanism for economic diversification at the federal, regional, and municipal level. Large and medium enterprises mainly determine the economic and technical power of the country and the region. Small enterprises, due to their high adaptability to the constantly changing market conditions, flexibility, and mobility, form the framework for the local economy and participate in solving the problems of employment of region’s population. They create a competitive environment, form a non-state economic sector, saturate the consumer market, contribute to structural changes, and prevent unemployment. Special attention should be paid to modern studies proving the significant impact of development of this economic sector on population’s welfare and standard of living. As a result of the management process aimed at ensuring the development of the socio-economic system of the region, state authorities have to determine the level of influence of the business sector on region’s social development...