What does social responsibility of business refers to?

What does social responsibility of business refers to?

Social responsibility means that businesses, in addition to maximizing shareholder value, should act in a manner that benefits society. Socially responsible companies should adopt policies that promote the well-being of society and the environment while lessening negative impacts on them.

What is ethical and social responsibility?

Social responsibility is an ethical theory in which individuals are accountable for fulfilling their civic duty, and the actions of an individual must benefit the whole of society. In this way, there must be a balance between economic growth and the welfare of society and the environment.

What is ethics and social responsibility in business?

Ethics vs. Social Responsibility. While ethics, in general, are concerned with right and wrong, business ethics focus on doing what is best for the shareholders and stakeholders. On the other hand, social responsibility is focused on the company’s impact on the environment and community.

What are ethical responsibilities in business?

Ethical responsibilities include the behaviour of the firm that is expected by the society but not codified in law. The factors of ethical responsibility include that the business must be environmentally friendly. The business should always be aware of its activities and how do they affect the environment.

What’s the difference between business ethics and social responsibility?

Business ethics refers to principles and standards that determine acceptable conduct in business organizations. True False 2. Ethics and social responsibility mean the same thing. True False 3. All business decisions cannot be judged as right or wrong, ethical or unethical.

What is the role of ethics in business?

Business Ethics and Social Responsibility CHAPTER OUTLINE Introduction Business Ethics and Social Responsibility The Role of Ethics in Business Recognizing Ethical Issues in Business Making Decisions about Ethical Issues Improving Ethical Behavior in Business The Nature of Social Responsibility Social Responsibility Issues OBJECTIVES

What makes a company an ethically responsible company?

Many companies strive to go beyond legal requirements. Businesses that take care to ensure workers are safe, treated with dignity and respect, and offered reasonable work hours and wages are considered to be ethically responsible.

Which is an example of social responsibility in business?

For example, many drug or chemical companies that produce pesticides or pharmaceuticals may find that the byproduct can be pollution, damage the surrounding environment, or present potential danger to employees and even residents.