Q27. What do you mean by social responsibility? Explain some points favoring social responsibility of business.
Answers
Answer:
Social responsibility in business, also known as corporate social responsibility (CSR), pertains to people and organizations behaving and conducting business ethically and with sensitivity towards social, cultural, economic, and environmental issues.
Business is a part of society. ...Long-term Self-interest of Business. ...Moral Justification. ...Creating Better Public Image. ...Avoidance of Government Regulations. ...Maintenance of Society. ...Contrary to Basic Function of Business.
Explanation:
“If you are in the luckiest of 1% of humanity, you owe it to the rest of humanity to think about the other 99%,” said Warren Buffett. Mr. Buffett understood that the purpose of any business is not only to make a profit but also to be responsible for its actions and decisions. Social responsibility is the duty of businesses towards society. Businessmen must review their impact of decisions and actions on the different sections of society.