Describe the importance of business in modern society.
Answers
Answer:
Business makes goods more useful to satisfy human wants. It adds to products the utilities of person, time, place, form, knowledge etc. Thus, people are able to satisfy their wants effectively and economically.Businesses play a huge role in culture and society in general. They not only take up the most amount of time in most people's lives, but they also help create innovations and make important technological advancements. ...Businesses thrive on excited and motivated employees reaching for a common goal.
➣The need and importance of business in society can be described as follows:-
1. Improvement in standard of living:
Business helps people in general to improve their standard of living.
2. Proper utilization of resources:
It leads to effective utilization of the scarce resources of society.It provides facility of mass production.
3. Better quality and large variety of goods and services:
It involves production, purchase and sale of goods and services for price. Customer’ satisfaction is the backbone of modern business. Services such as supply of water, electricity etc. may be considered highly significant for the community.
➣The need and importance of business in society can be described as follows:-
1. Improvement in standard of living:
Business helps people in general to improve their standard of living.
2. Proper utilization of resources:
It leads to effective utilization of the scarce resources of society.It provides facility of mass production.
3. Better quality and large variety of goods and services:
It involves production, purchase and sale of goods and services for price. Customer’ satisfaction is the backbone of modern business. Services such as supply of water, electricity etc. may be considered highly significant for the community.