According to new social standards, business as an economic activity is not only for earning profits, but it should also fulfil its obligations.

economical

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social

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Solution

The correct option is B social
According to new social standards, business as an economic activity is not only for earning profits, but it should also fulfil its social obligations. As no business can be isolated, to do business hence they have to interact with members of the society and satisfy the members of the society.

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Similar questions

Q. Answer the following is Yes or No:
(a) A business activity can be carried out without sale or exchange.
(b) Business involves the creation of utilities.
(c) A business activity may be without a profit motive.
(d) Risk is an essential element of every business activity.
(e) Earning profit is the sole objective of business.
(f) Business is an economic activity.
(g) Profession involves greater risk than business.

Q. 'Although earning profit cannot be the only objective of business, its importance cannot be ignored.'
What are multiple objectives of a business ? Explain any other three objectives. Also state why a profits important.

Q. Social responsibility of a business refers to its ________ obligation.

Which of the following statements does not clearly distinguish between entrepreneurship and management?

(a) Entrepreneurs found the business; managers operate it

(b) Entrepreneurs are the owners of their business; managers are employees

(d) Entrepreneurship is once for all activity; management is a continuous activity

There is a group discussion taking place in class XI regarding social responsibility of business. Ram feels that a business should be socially responsible towards the society it exists in while Rahul is against it as the basic objective of a business is to earn profits. Whom do you think, you will favour? Write points with respect to your opinion?

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