The profound impact of business on society.
Businesses affect our individual lives either positively or negatively, which in turn the individual
affects society as a whole. A company consists of the four factors of production(land, labor,
capital, and entrepreneurship). companies pay wages and labor to individuals working for them
which in turn helps create goods and services for society to consume. So basically the
companies provide wages and salaries to the labor then in turn the individual buys the goods
and services made by them with wages and salaries given to them. Businesses also help
improve the social capital(stocks of knowledge, skills, and experience) of individuals in society
creating healthy competition for individuals to enhance and acquire more skills, knowledge, and
experience.
My name is Emmanuel, I am originally from Lagos Nigeria, that was where I stayed for the
majority of my life before moving to Canada to study business earlier this year . we Nigerians
access goods and services through different manners e.g. supermarkets, kiosk shops, hawkers,
markets, online shopping, etc. The majority of Nigerians get goods and services through the
market which consists of small businesses and kiosks coming together, we are able to get
different goods and services in one place which helps save time and also due to the fact the
markets consist of a different small business selling different things and also same goods it
helps drive create competition which eventually drives down the price of goods and services for
consumers like us also gives the consumers more bargaining chips against the businesses. I
personally get my goods and services from the supermarket due to the fact that there are fewer
people and gives me enough room to move around, although the price difference is larger
compared to the marketplace.
I remember getting bread from my regular supermarket and comparing it to other places in the
marketplace where I get the same exactly the same bread and the price of the marketplace was
5x lower than the price of goods from supermarket. A few weeks passed by I decided to do
more research concerning the reason why there was much difference, and then I started
comparing the price of a basket of goods in the supermarket vs. the market itself, after a
considerable amount of price comparison, environmental, etc I notice that due to lesser
intervention of the government and distance from the markets supermarket was able to increase
the price 5x higher than the normal amount. A better example is the increase in the price of
inelastic pharmaceutical products by the middlemen to increase profit because there was less
intervention by the government, although some people could afford to get the products it led to
the increase of death back in that year.
Over I believe businesses impact society negatively and positively, it depends on what side of
the room you are on, although we have bad eggs in the business world but I can arguably state
that businesses have made life easier for society as a whole, and also have helped create
healthy competition between individuals to level up and acquire more skill. To round up my
essay I would say businesses have a more positive impact on society