Question

discribe any three social objectives of business

Answer 1

The social objectives of a business may be summarised as follows :

Production of quality goods : The objective of business is not only to provide goods to the society but also to provide goods and services of high quality. The business should also try to improve the quality of goods and services continuously. A businessman may earn good profit by selling adulterated goods. But he cannot carry on his business for a long time like this.To charge fair prices : The social objective of business is not only to provide quality goods to the
society but also at reasonable prices. Undue profits earned by increasing the prices of the goods may not last long.To provide employment : The social objective of business is also to provide employment to the society. With the development of business, the need for employees arises. Thus, the business needs the services of good employees. So, the business provides employment to the society. 1To provide regular and fair returns to investors : It is also a social objective of business to provide regular and fair returns to investors. Investors invest money and bear risk. So, the investors must
be suitably rewarded.To promote the progress of the society : Business is a part of the society. The society provides regular market for goods and services of the business apart from factors of production. The progress of the business is linked with the progress of the society.
So, to promote the progress of the society has also become the objective of the business.