Question

Business is an integral part of the society. It is there to serve the needs of the society.” – Judge the significance of the statement.

Answer 1

Answer:

Business is an integral part of modern society. It is an organised and systematised activity for profit. It is concerned with activities of people working towards a common goal. The modern society can not exist without business. The need and importance of business in society can be described as follows:

Answer 2

Answer:

The significance of the given statement is described below:

Explanation:

• Business is a vital component of society because it provides the best answer to customer needs.

• As the environment changes, so do the needs of the customers.

• As a result, new company concepts are researched in the marketplace, companies are established, and business professionals collaborate with entrepreneurs to provide the greatest product for consumers.

• Business fulfills societal needs since it is based on customer expectations, and business companies' services and products can satisfy consumer wants.

• The statement is therefore very important.

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