Business can positively influence how society operates. It can build and maintain social capital through its core operations; the goods and services it provides; and the activities supported through increasingly global and complex supply chains.
Business plays a vital role in our lives. First, they create goods and services to satisfy our needs and wants. Then, they also recruit households as labor and provide them with compensation, such as wages, salaries, and benefits.
Businesses don't just satisfy our needs and wants through the products they produce. But, they also create jobs and income in the economy. In addition, competition between them encourages innovation and efficiency, making goods and services cheaper and of higher quality.
First, they create goods and services to satisfy our needs and wants. Then, they also recruit households as labor and provide them with compensation, such as wages, salaries, and benefits. Thus, it becomes a source of their income, which can be used to sustain their life.
Meeting Society's Needs: Goods and Services
The role of business in society is to fulfill the needs and wants of consumers by producing a wide array of goods and services. They enhance the quality of life by providing essential items such as food, clothing, housing, healthcare, and entertainment.
