Question

Answer the following questions.

State any five cases of social responsibility.

Answer 1

Five cases of social responsibility:

1. Existence and trusteeship: The existence of a business depends on how efficiently it serves the society and conduct activities based on trusteeship. According to it, a business would benefit only from those activities which are good for the society.
2. Long-term interest of a firm: Giving due consideration to the welfare of society and serving its various members can help a business gain maximum profits in the long run and project a favourable image to the public.
3. Adherence of government regulations: Along with working in line with the values and ethics of the society, a business should also adhere to the government rules and regulations regarding goods and environment such as Consumer Protection Act and Food Adulteration Act.
4. Optimum utilisation of resources: In comparison to other members of the society, business enterprises have greater access to financial and other resources, thus, they should effectively and optimally utilise the resources for solving various social problems.
5. Environment protection: The business makes use of a country’s natural and human resources to produce goods and services. Thus, it becomes the moral duty of businesses to work towards protecting and maintaining a healthy environment.