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Chapter Summary

Social Responsibility of Business and Business Ethics

ICSE · Class 11 · Commerce

Summary of Social Responsibility of Business and Business Ethics for ICSE Class 11 Commerce. Key concepts, important points, and chapter overview.

65 questions40 flashcards5 concepts

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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

What are the important topics in Social Responsibility of Business and Business Ethics for ICSE Class 11 Commerce?
Social Responsibility of Business and Business Ethics covers several key topics that are frequently asked in ICSE 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 Responsibility of Business and Business Ethics — ICSE Class 11 Commerce?
Understand the core concepts first, then work through the 65 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.

More resources for Social Responsibility of Business and Business Ethics

All 23 chapters — ICSE Class 11 Commerce Chapter Summary

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