Business is an economic activity which involves production and exchange of goods and services for money. This can be differentiated from non-economic activities like, religion, charity, nurture of one’s own farm, etc. A business must be consistent in its dealings and earn profit on a regular basis to be classified as a business.
Businesses are the driving force behind innovation, development, and creation in any area they choose to focus on. This is important to society as a whole, because it ensures that the culture of any given region remains dynamic and evolving. Whether it’s a new technology that can improve health care or a more efficient transportation method, business is the catalyst that allows a society to progress and move forward.
Another way in which businesses affect society is through their impact on the local community. This can be seen with things like the creation of businesses that help provide for local families or by allowing young people to get an education that will lead them to successful careers and lifelong success.
The impact that businesses have on a community is also very much dependent on their customers, which in turn are the members of that particular society. This can be seen in the example of local brick-and-mortar businesses that depend on their local citizens to buy their goods and services in order to make a profit.
The relationship between business and society is a complex and intricate one, but the benefits that it brings to both parties are immense. These benefits include:
