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Explain the importance of business.

Business can be summarized as the exchange of goods and services. As a process, business is important because it provides people with access to items or services that they need at the time and place they are required. The exchange of goods and services is necessary for day to day living and helps people satisfy their various needs. Consider the needs of the farmer participating in large-scale wheat farming. They will need workers to help plant, harvest, dry and package the produce. The farmer might choose to do the work without help from the workers. However, this might prove impractical because the labor requirements will prevent the individual from engaging in other activities, and due to time constraints it will take some time before they engage in planting again. The farmer, in this case, is forced to pay some workers to help achieve the goals and objectives expected. In addition, the workers may be specialized in carrying out specific tasks, improving the quality of work done. Thus, business improves the efficiency and effectiveness of most activities necessary for our existence.


Business fosters better relations between trade partners because they are bonded by the mutual benefits of continued business engagement.


Business promotes innovation and invention because it motivates people to find and improve solutions to different problems. In this case, business will also serve as a medium of distribution for the solutions.

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