Social Responsibilities of Business and Business Ethics is a chapter that creates a sense of awareness among students with regards to the societal responsibilities of trade. A few vital concepts are explained – concept of social responsibility, need for social responsibility, arguments for social responsibility, arguments against social responsibility, reality of social responsibility, kinds of social responsibility – Economic responsibility, legal responsibility, ethical responsibility, discretionary responsibility, social responsibility towards different interest groups, business and environmental protection, causes of pollution, role of business in environmental protection, business ethics, concept of business ethics, elements of business ethics. For more revision notes, students can refer to the revision notes provided for Chapter 6 – Social Responsibilities of Business and Business Ethics.
Students can refer to :
|NCERT Solution for Class 11 Business Studies Chapter 1 – Business, Trade and Commerce
|NCERT Solutions For Class 11 Business Studies
Frequently asked Questions on CBSE Class 11 Business Studies Notes Chapter 6: Social Responsibilities of Business Ethics
What is ‘Business ethics’?
Business ethics is the study of appropriate business policies and practices regarding potentially controversial subjects including corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities.
What is ‘Economic responsibility’ in business ethics?
Economic responsibility is the practice of a firm backing all of its financial decisions in its commitment to do good in the areas listed above.
What is ‘Social responsibility’ in business ethics?
Social responsibility means that businesses, in addition to maximizing shareholder value, should act in a manner that benefits society.