Page settings are important for SEO because the settings can improve your ranking in google's search results. This is because defining the settings for each page enhances the ability of Google to crawl your site.

It is important that you fill all the information correctly on the page settings interface for each page.
Keep in mind the role of the various options on this interface and why they are important for SEO .

Fields Each page has for SEO:

  • Name – The page's name affects the path of the page (the path can also be manually changed see how here)

  • Title – Google treats this as the title you would like to give the page on search result. 80% of the time google uses this title as the title of the page in search results , but reserves the option of choosing another title instead ( For this reason don't panic if google picked you another title he thinks fits better to the page). 

From HTML perspective this is the <title> </title> tag on your page

  • Description – The description appears below the title of the page on google search results. The description is important because google's algorithm uses it in order to understand what the page is about and which keywords define it.

From HTML perspective this is the  <meta name="description" ></meta> tag on your page.

  • Keywords – Each page has a list of keywords to help google associate for what keywords should google show this page on search results. For example adding "Car Rental in your keywords field will tell google that you would like your page to be found when people look for car rentals. 

In 2011 google made an update (named "Panda Update") Which panelized , gave a lower grade, to pages which used "Keyword Stuffing".  
Learn more about how to prevent lower ranking due to Keyword stuffing 

From HTML perspective this is the <meta name="keywords" ></meta>tag.