Question:
Business is essentially, a social institution and not merely a profit making activity.' Explain.
Answer:
The primary objective of any business enterprise is profit maximization. This is because profit acts as a measure of success and at the same time is the main source of income for an enterprise. Also, profits are often used to finance the expansion projects of a business enterprise. However, it is argued that business enterprises are not merely profit-making entities. They are considered as social institutions, too, as they are created by society. As every business makes use of society's resources in terms of human and physical capital, it cannot work in isolation from society. Its operations are affected by social problems such as unemployment and poverty. Thus, a need arises to create a balance between the business interests and social interests of a business enterprise, such that it can grow by doing the maximum good to society. Hence, we can say that a business enterprise is a social institution and not merely a profit-making entity. In this regard, the following are some of the responsibilities that must be fulfilled by an enterprise:
- Paying taxes on time.
- Paying fair wages to employees.
- Supplying quality products at reasonable prices to customers.
- Cooperating with the government in solving social problems, such as unemployment, poverty and illiteracy.
A business has some responsibility towards:
- Shareholders or investors who contribute funds for business.
- Employees and others that make up its personnel.
- Consumers or customers who consume and/or use its outputs (products and/or services).
- Government and local administrative bodies that regulate its commercial activities in their jurisdictions.
- Members of a local community who are either directly or indirectly influenced by its activities in their area.
- Surrounding environment of a location from where it operates.
- The general public that makes up a big part of society.
Social Responsibility of Business and Business Ethics
Q 1.
Give any one point of difference between ethics and law.
Q 2.
Give any two reasons supporting social responsibilities.
Q 3.
Describe the obligations of business towards owners and shareholders .
Q 4.
If you start a business, which objective will be of utmost importance to you and why?
Q 5.
Give any two reasons against social obligation.
Q 6.
What is environmental pollution?
Q 7.
Discuss the forces which are responsible for increasing concern of business enterprises towards social responsibility.
Q 8.
Give any four reasons against the social responsibilities of business.
Q 9.
What are the obligations of a business in the name of social responsibility?
Q 10.
What is environment? What is environmental pollution?
Q 11.
What do you mean by the principle derived from social values which guide and govern the conduct of businessmen? Explain the factors governing these principles and values.
Q 12.
Briefly explain (a) Air pollution, (b) Water pollution, and (c) Land pollution.
Q 13.
Why should a business do any thing for society at large?
Q 14.
Explain the reality of social responsibility.
Q 15.
Do businessmen have skill to tackle social problems?
Q 16.
What is code of ethics?
Q 18.
What obligation does a businessman have towards the government?
Q 19.
Mention two responsibilities of business towards customers.
Q 20.
Define corporate social responsibility.
Q 21.
"A business owes curtain obligations towards different groups."Identify those groups and explain the obligation of business towards those groups.
Or
Explain social responsibility of a business towards different interest groups.
Q 22.
Explain the obligations of business towards owners and investors.
Q 23.
Why do the enterprises need to adopt pollution control measures?
Q 24.
What is corporate social responsibility? Is it similar to business ethics?
Q 25.
Give any one difference between ethics and law.
Q 26.
What steps can an enterprise take to protect the environment from the dangers of pollution?
Q 27.
"Like an individual, business enterprise should also be a loyal citizen to the state."Discuss.
Q 28.
What is business ethics? Mention the basic elements of business ethics.
Q 29.
What are the responsibilities of business towards employees and customers?
Q 30.
Build up arguments for and against social responsibilities.
Q 31.
Which eight problems have been identified by the United Nations which cause damage to natural environment?
Q 32.
How can a business enterprise improve its public image by performing social responsibilities?
Q 33.
Social responsibility is not an area of business. Do you agree? Justify.
Q 34.
What is the relation between ethics and moral values?
Q 35.
What do you understand by social responsibility of business? How is it different from legal responsibility?
Q 36.
What is the reality of social responsibilities?
Q 37.
Business is essentially, a social institution and not merely a profit making activity.' Explain.
Q 38.
Explain the need for social responsibility.
Q 39.
Describe the reality of social responsibilities of a company.
Q 40.
What do you mean by the principles derived from social values which guide and govern the conduct of businessmen?
Q 41.
What are the core objectives of social responsibility of business?
Q 42.
Name any four elements of business ethics.
Q 43.
Name any two factors which affect the ethical behaviour of a business.
Q 44.
Business ethics and social responsibility are not synonyms but are closely related. Substantiate.
Q 45.
Explain the various elements of business ethics.
Q 46.
What are the major areas of social responsibility of business?
