Question

give two example of economic responsibility​

Answer 1

Explanation:

An example of economic responsibility is when a company modifies its manufacturing processes to include recycled products, which could benefit the company by potentially lowering the cost of materials and also benefit society by consuming fewer resources.

Answer 2

The first and form most economic responsibility of an organisation is to earn profit. Profit is very important for any business organisation to survive in the market and grow. It is known as the blood of business.

• However, it is believed that profit maximization should not be the only economic motive of an organisation.
• Profit is not accurately defined and the best economic responsibility for organisation would be wealth maximization.
• It is a much broader term as compared to profit maximization which considers the uncertainty that is linked with the business. It also takes into consideration the time value of money.