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Questions and Answers
Which phase of the Social Responsibility Framework focuses on profit maximization?
Which phase of the Social Responsibility Framework focuses on profit maximization?
- Phase 4
- Phase 3
- Phase 2
- Phase 1 (correct)
Aside from profit maximization, what is the concern of management in Phase 2 of the Social Responsibility Framework?
Aside from profit maximization, what is the concern of management in Phase 2 of the Social Responsibility Framework?
- Maintaining a fair balance in the interests of employees (correct)
- Maintaining a fair balance in the interests of creditors
- Maintaining a fair balance in the interests of stockholders
- Maintaining a fair balance in the interests of customers
In which phase of the Social Responsibility Framework is management considered as an instrument of stockholders and a trustee for all groups who contributed to the business enterprise?
In which phase of the Social Responsibility Framework is management considered as an instrument of stockholders and a trustee for all groups who contributed to the business enterprise?
- Phase 4
- Phase 1
- Phase 3
- Phase 2 (correct)
What is one of the problems that were given little attention in Phase 1 of the Social Responsibility Framework?
What is one of the problems that were given little attention in Phase 1 of the Social Responsibility Framework?
What is one of the abuses of capitalism that were extremely rampant in Phase 1 of the Social Responsibility Framework?
What is one of the abuses of capitalism that were extremely rampant in Phase 1 of the Social Responsibility Framework?
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Study Notes
Social Responsibility Framework Phases
- Phase 1 focuses on profit maximization, which led to neglect of other important aspects, including social and environmental concerns.
- One of the problems that received little attention in Phase 1 is social welfare.
- Rampant abuse of capitalism was a significant issue in Phase 1.
Phase 2 Concerns
- Aside from profit maximization, management's concern in Phase 2 includes ethical responsibilities towards stakeholders.
Phase 3 Management Role
- In Phase 3, management is considered an instrument of stockholders and a trustee for all groups that contributed to the business enterprise.
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