Social Responsibility of Business and Business Ethics — Chapter Summary
ICSE · Class 11 · Commerce
Summary of Social Responsibility of Business and Business Ethics for ICSE Class 11 Commerce. Part of the ICSE Class 11 Commerce syllabus.
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Overview
Social responsibility of business means taking decisions and actions that serve society, not just profit. Business is part of society and affects owners, investors, customers, workers, government, and the community. Business ethics means following self-recognised moral standards in business conduct.
Key Concepts
Social responsibility means the duty
Social responsibility means the duty of business to take decisions and perform actions that are desirable in terms of society's objectives and values.
Koontz and O'Donnel
Koontz and O'Donnel, George A. Steiner, H.R. Bowen, the International Seminar, 1965, New Delhi, and Narayan Murthy all defined social responsibility i
Social responsibility is an ethical issue
Social responsibility is an ethical issue. It raises the question of what is morally right or wrong. There is debate between the view that business sh
Business must work efficiently
Business must work efficiently, earn adequate profit, produce quality goods, charge fair prices, and avoid exploitation through monopoly powers.
Shareholders and investors expect safety
Shareholders and investors expect safety of investment, fair returns, growth of assets, non-partiality, and proper information. Business acts as a tru
Learning Objectives
- Understand the meaning and concept of social responsibility.
- Recognise why social responsibility is needed in business.
- Identify responsibilities of business towards owners, shareholders, customers, workers, government, and the community.
- Understand the meaning of business environment and the need for environmental protection.
- Explain the causes of environmental pollution and the main ways to control it.
Frequently Asked Questions
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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