Question

Fill in the blanks with appropriate words.
i. Every business operates within a _________.
ii. Social responsibility of business refers to all such duties and _______
of business that are directed towards the welfare of society.
iii. Giving good return to the investors by providing ____ goods at high
price to consumers is not fulfilling social responsibility.
iv. To avoid government regulations business houses should discharge their
duty ________.
v. The earnings of business depend upon the public _______ of its
activities.
vi. Today because of ___________ the entire world has become a big
market.
vii. ____________ implies that a businessman should not do anything
harmful to the society in course of his business activities.
viii. The concept of social responsibility ____________ businessmen from
adopting unfair means like black-marketing, hoarding, adulteration,
tax evasion and cheating customers etc. to earn profit.

Answer 1

The questions are based on the nature and scope of the business in an economy. They show the business ethics and social responsibilities of the business in the society. Following are the answers to the fill in the blanks provided in the below mentioned questions:

Answers:

1. Society

2. Obligations

3. Inferior

4. Voluntarily

5. Image

6. Globalization

7. Social Responsibility

8. Discourages

i. Every business operates within a society.

ii. Social responsibility of business refers to all such duties and obligations

of business that are directed towards the welfare of society.

iii. Giving good return to the investors by providing inferior goods at high

price to consumers is not fulfilling social responsibility.

iv. To avoid government regulations business houses should discharge their

duty voluntarily.

v. The earnings of business depend upon the public image of its

activities.

vi. Today because of globalization the entire world has become a big

market.

vii. Social responsibility implies that a businessman should not do anything

harmful to the society in course of his business activities.

viii. The concept of social responsibility discourages businessmen from

adopting unfair means like black-marketing, hoarding, adulteration,

tax evasion and cheating customers etc. to earn profit.