Question

What do you understand by social responsibility of business? How is it different from legal responsibility?

Answer 1

Answer:

Social responsibility of business :  

Social responsibility is the obligation of decision makers to take act in such a way which will protect and improve the welfare of community as a whole along with their self interests.

Difference between social and Legal responsibility of business :  

(1) social responsibility of business is wider in comparison of legal responsibility of business.

(2) Social responsibility of the business to act in such a way which will serve the interest of the society, whereas legal responsibility of business organisation is to manage it affairs according to laws.

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Answer 2

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