Social Responsibility of Business and Business Ethics — Flashcards
ICSE · Class 11 · Commerce
40 flashcards for Social Responsibility of Business and Business Ethics (ICSE Class 11 Commerce) to test yourself on key terms and facts.
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What is social responsibility of business?
Answer
Social responsibility of business means taking decisions and actions that are desirable in terms of society's objectives and values. It goes beyond profit alone and includes concern for customers, wor…
Why is social responsibility broader than legal responsibility?
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Legal responsibility means following the law. Social responsibility is broader because it includes voluntary action for the welfare of society even when the law does not force it. A business may obey …
What does social responsibility require managers to consider?
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Managers must consider whether their actions promote the public good, support the basic beliefs of society, and contribute to stability, strength, and harmony. This means business decisions should not…
State the definition of social responsibility given by Koontz and O'Donnel.
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Social responsibility is the personal obligation of everyone as he acts for his owner's interests to assure that the rights and legitimate interests of all others are not impinged. It stresses respect…
State the definition of social responsibility given by George A. Steiner.
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In the real sense the assumptions of social responsibilities imply recognition and understanding of the aspirations of a society and determination to contribute to its achievement. This means business…
State the definition of social responsibility given by H.R. Bowen.
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Social responsibility of business is to pursue those policies, to make those decisions, or to follow those lines of action which are desirable in terms of the objectives and values of our society. It …
What does the International Seminar, 1965, New Delhi say about social responsibility?
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Social responsibility of business means responsibilities of business towards customers, workers, shareholders and the community. This definition highlights the main groups that business must serve.
State Narayan Murthy's view of social responsibility.
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Social responsibility of business is to create maximum shareholder value working under the circumstances where it is fair to all its stakeholders, workers, consumers, the community, government and the…
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