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Social Responsibilities of Business and Business Ethics

Bihar Board · Class 11 · Business Studies

Quick revision notes for Social Responsibilities of Business and Business Ethics — Bihar Board Class 11 Business Studies. Key concepts, formulas, and definitions for last-minute revision.

118 questions22 flashcards5 concepts

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Key Topics to Revise

1

Concept of Social Responsibility

  • Social responsibility refers to a business's obligation to take decisions and perform actions that are desirable in terms of society's objectives and values
  • It goes beyond legal compliance and includes voluntary actions for society's benefit
  • Social responsibility is broader than legal responsibility - it involves ethical considerations
2

Arguments For and Against Social Responsibility

  • Arguments FOR: (1) Justification for existence and growth (2) Long-term interest of firm (3) Avoidance of government regulation (4) Maintenance of society (5) Availability of resources (6) Converting
  • Arguments AGAINST: (1) Violation of profit maximization objective (2) Burden on consumers through higher prices (3) Lack of social skills in businessmen (4) Lack of broad public support
  • Reality: Most businesses today recognize social obligations due to external pressures and changing social expectations
3

Forces Leading to Social Responsibility

  • Threat of public regulation - democratic governments act as welfare states
  • Pressure of labour movement - educated and organized workers demand better treatment
  • Impact of consumer consciousness - shift from 'caveat emptor' to 'customer is king'
4

Types of Social Responsibilities

  • Economic Responsibility: Primary obligation to produce goods/services society wants and sell at profit
  • Legal Responsibility: Operating within laws of the land - law-abiding enterprise is socially responsible
  • Ethical Responsibility: Behavior expected by society but not codified in law (voluntary action)

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Full Notes

Key Concepts

The obligation of business enterprisesAs per the Companies Act 2013The moral principles and standardsBusiness responsibility to protect and preserveBusiness obligations toward different groups affected

Frequently Asked Questions

What are the important topics in Social Responsibilities of Business and Business Ethics for Bihar Board Class 11 Business Studies?
Social Responsibilities of Business and Business Ethics covers several key topics that are frequently asked in Bihar Board Class 11 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Social Responsibilities of Business and Business Ethics — Bihar Board Class 11 Business Studies?
Understand the core concepts first, then work through the 118 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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