IMPORTANT OF BUSINESS IN THE PRESENT DAY WORLD

IMPORTANT OF BUSINESS IN THE PRESENT DAY WORLD:
Importance of Business: In earnly time, the goods were produced for one's own self or for the use of family members at the most. As time passed on, the business was conducted by means of barter system in which goods of one kind were exchanged for other goods of equal value. When coins cam into use, business expanded both in rural and urban areas. With the increase of transport facilities, the important and export of goods developed between the nation. The industrial Revolution of the 18th century increased the scale of production, division of labour, specialization and standardizaion of goods. Over the years, the size of business has expanded. The ise of machines has increased. The working business is being computerized ar a very fast speed now. The important of business can be judged from the various activities connected with it.

               IMPORTANT OF BUSINESS

 Mass Production of Goods:
1) The business of today is making the best possible use of the scarce resources for production goods on a larger scale. The us of automatic machines, new materials, new processing methods etc have not only lowered the cost of production of goods but has helped the producers in producing goods in desired quality and quantity. 
Expansion of Market:
2) In the modern world, goods are produced by business according to the needs and expectations of the customers. The customers want goods and services of requisite quality, atreasonable price in at right time. The business of today tries to satisfy the costumers both within and outside the country by developing and designing the products according to the tastes and purchasing power of the costumers. Markets, therefore, have expanded consumption of goods due to increase in number of customers all over the world.