Reading product labels is important for several reasons: 1) Food labels can help consumers limit fat, sugar, and cholesterol by comparing nutritional information between products and choosing options with lower amounts. 2) Food labels provide serving size and nutritional information per serving, as well as manufacturing and expiration dates. 3) Medicine labels contain important instructions for safe use, including dosage information. 4) Pesticide labels warn of potential dangers and describe proper storage to ensure safety.