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Social Responsibilities of Business and Business Ethics

CBSE · Class 11 · Business Studies

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

114 questions68 flashcards5 concepts

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Key Topics to Revise

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1. Concept of Social Responsibility

  • Social responsibility of business refers to its obligation to take decisions and perform actions that are desirable in terms of the objectives and values of society.
  • A responsible business does not focus only on profit; it also considers the effect of its actions on people and society.
  • Social responsibility is broader than legal responsibility.
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2. Need for Social Responsibility and Arguments For and Against

  • The need for social responsibility arises because business affects many groups in society.
  • Business should serve owners as well as customers, workers, suppliers, government, and the community.
  • Social responsibility is an ethical issue because it asks what is morally right or wrong.
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3. Four Kinds of Social Responsibility

  • Social responsibility can be divided into four categories.
  • Economic responsibility means producing goods and services that society wants and selling them at a profit.
  • Economic responsibility has little discretion because business must be economically viable.
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4. Responsibility Towards Different Interest Groups

  • Business enterprises are responsible towards four interest groups: shareholders or owners, workers, consumers, and government and community.
  • Towards shareholders or owners, business should provide a fair return on capital and ensure safety of investment.
  • Shareholders should also receive regular, accurate, and full information about the business.

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Full Notes

Key Concepts

Social responsibility of business refersCSR is defined by the EuropeanSocial responsibility is broadly divided intoThe major arguments are justificationThe main arguments are violation

Frequently Asked Questions

What are the important topics in Social Responsibilities of Business and Business Ethics for CBSE Class 11 Business Studies?
Social Responsibilities of Business and Business Ethics covers several key topics that are frequently asked in CBSE 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 — CBSE Class 11 Business Studies?
Understand the core concepts first, then work through the 114 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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