Question

Jatin, a wholesaler selling rice, stopped the supply of his product in order to raise the demand and then supplied rice at higher prices. Towards which interest group is Jatin failing to fulfill his social responsibility
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Answer 1

Answer:

Towards the needy, poor and socially economical ally backward classes.

Answer 2

Explanation:

After studying this chapter, you should be able to:

explain the concept of social responsibility;

discuss the need for social responsibility;

identify the social responsibility towards different interest groups;

analyse the relationship between business and environmental protection; and

define the concept of business ethics and state the elements of business ethics.

Mani is a young newspaper reporter and has been writing for almost six months on malpractices by business enterprises including such issues as misleading advertisements, supply of adulterated products, poor working conditions, environmental pollution, bribing government officials, and so on. He has started believing that business people tend to do anything to mint money. He happens to take an interview of Mr. Raman Jhunjhunwala, chairman of a leading truck manufacturing company which is known for its fair dealing with customers, employees, investors as well as other social groups. Through this interview, Mani develops the understanding that it is possible for a business enterprise to be socially responsible and ethically upright and, at the same time, be highly profitable. He then gets busy with studying more about the social responsibility of business and business ethics.

6.1 INTRODUCTION

A business enterprise should do business and earn money in ways that fulfill the expectations of the society. Every individual living in society has certain obligations towards society. He has to respect social values and norms of behaviour. A business enterprise is permitted by society to carry on industrial or commercial activities and thereby earn profits. But it is obligatory on part of the business enterprise not to do anything, that is undesirable from society’s point of view. Manufacture and sale of adulterated goods, making deceptive advertisements, not paying taxes which are due, polluting the environment and exploiting workers are some examples of socially undesirable practices which may increase the profit of enterprises but which have adverse effect on society at large. On the other hand, supplying good quality goods, creating healthy working conditions, honestly paying taxes prevention/installing pollution