Question

What are the Social Objectives of business? Explain any three.​

Answer 1

Answer:

4. PAYMENT OF TAXES

A business should not shut its eyes to its obligations towards the Government. The government provides the infrastructure facilities such as water, roads, ports, power, telecom etc., Therefore, business owes it to the government to pay its tax dues honestly and in time. It must also dutifully abide by the laws of the land.

5. CONTRIBUTION TO SOCIAL WELFARE

A business concern is a part of the society. Therefore, the business should contribute in every way towards social welfare. It must not indulge in undesirable practices such as hoarding and black-marketing. It must also contribute liberally to social, cultural and charitable organizations, engage itself in promoting health of the community, setting up educational facilities etc.

For e.g. Tata’s have built an entire township in Jamshedpur comprising of schools, hospitals, employee quarters and provided all the necessary facilities. Infosys donates computers to corporation schools in Karnataka, Polaris Software lends financial support to deprived students, Sakthi Masala and LaserSoft Infosystems provide employment to physically challenged persons, Microsoft has donated computers with Braille system to enable blind persons learn computers and benefit from it.

6. BETTER ENVIRONMENT

Businesses should strive to ensure a cleaner, greener and healthy environment for the community. Business should not cause any type of pollution to the environment. Before starting a business, proper arrangements should be made for controlling any type of pollution.

For e.g., tanneries are required to set up Effluent Treatment plants to treat the waste water, Orchid Chemicals is recycling water used in its pharmaceutical plant to avoid wastage of water resources. Today’s customers have high levels of awareness and any business which causes environmental degradation cannot hope to survive for long.

Summary

Social Objectives of Business

1. Provision of quality goods and services

2. Reasonable prices

3. Provision of employment

4. Payment of taxes

5. Contribution to social welfare

6. Better environment

Answer 2

Business being a part of society has obligations towards the society . The major social objectives are provision of quality goods & services, Resonable Prices , Provision of employment, Payment of taxes, Contribution to social welfare and better environment.