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Social Responsibility of Business and Business Ethics

ICSE · Class 11 · Commerce

Quick revision notes for Social Responsibility of Business and Business Ethics — ICSE Class 11 Commerce. Key concepts, formulas, and definitions for last-minute revision.

65 questions40 flashcards5 concepts

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Key Topics to Revise

1

Meaning and Concept of Social Responsibility

  • Business is a part of society and must follow the ethical norms of society.
  • Social responsibility of business means taking decisions and performing actions that are desirable in terms of the objectives and values of society.
  • It is broader than legal responsibility because legal duty may only require compliance with law, while social responsibility also includes voluntary action.
2

Need for Social Responsibility

  • There is a debate on whether business should serve only owners or all affected sections of society.
  • Some believe the only social responsibility of a firm is towards its owners.
  • Others believe business must serve customers, employees, suppliers, government, and community.
3

Responsibilities of Business towards Different Interest Groups

  • Responsibilities towards itself/owners include efficient conduct, adequate profit, production of quality goods, fair price, and non-exploitation by monopoly powers.
  • Responsibilities towards shareholders and investors include safety of investment, fair returns, non-partiality, and proper information.
  • Responsibilities towards customers include quality goods at fair prices, proper distribution, no hoarding, careful handling of complaints, and objective analysis of complaints.
4

Responsibility of Business towards Protection of Environment

  • Business environment means the total of factors, forces, and institutions external to a firm that affect it.
  • Arthur M. Weimer defined business environment as the climate or set of conditions, economic, social, political or institutional, in which business operations are conducted.
  • Pollution is the injection of harmful substances into the environment.

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Full Notes

Key Concepts

Social responsibility means the dutyKoontz and O'DonnelSocial responsibility is an ethical issueBusiness must work efficientlyShareholders and investors expect safety

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.

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