The global economy can be envisioned as one largely connected portrait of different markets; linked together by the need to transact. However, this need varies amongst communities, sects and ethnicities yet the benefits of transactions differ from individual to individual. Business is one of the many ideologies that bridges in the gap in culture and merges differences between people. Depending on the nature of business, it may require multiple interactions between the parties involved or just a onetime interaction. Knowing that most of the world’s fundamental systems rely directly or indirectly on business for maintenance and proper function makes it safe to acknowledge that business has been a key element of human existence even in prehistoric times.
Business is a blanket term for all beneficial exchanges that are characterized by the interchange of goods and services for money or kind payment, today’s world is gradually coming to the realization that money is a broader term than we envisaged . This blanket term of business when broken down into fundamentals has transactions as a focal point. Therefore so far as transactions occur business will always play a dominant role in the existence of humanity as a race.
Without need for a service or a good a transaction cannot be completed and without someone to supply the needed good or service, it can also not be completed. Business is therefore a means of providing value added solutions to people who are willing and able to appreciate these solutions in cash or kind payment. Now where there could be a course for discussion is determining how valuable the solution is and how much money or kind payment a person is willing to part with to gain the solution.
At certain points in history, humanity realized the need to engage in meaningful exchanges of goods and services produced on a large scale hence the need for states to become industrialized and commercial. With the mindset of maintaining power and influence in their ability to match and meet the demands of other countries. Meaning that the most provident nation could leverage on their ability to provide as a means of controlling the decisions of other nations who were dependent on them. This idea or concept bears similarity to other economic and international trade theories such as the mercantile theory (primarily used as a mean of maintaining wealth and influence back in the sixteenth century. This is a traced path of how business could usurp all other activities and gain control of world power and influence, leaving authority in the hands of the nation that best meets the need of many countries in the world.
Amidst the key elements of the business revolution is the most important member…People… Just as people have changed over the years, the dynamics of business have improved with a number of principled organizations showing obeisance to business ethics.
Time has proven that business should be easier to conduct and should certainly be regulated by a set of rules domestically and internationally that protect the best interests of all parties involved. This in turn makes it easier to regularize and monitor business activities to maintain orderliness in society.
We live in a fast paced business world that gives us the opportunity to conduct business right from the comfort of our homes and also exchange information anywhere across the globe. The world is making continuous strides to expand the scope of business and develop it further into an all-inclusive aspect of life. And limits of business knowledge could only further and further as the days pass.