5 Questions
What are the four expectations that society has from business organizations?
The four expectations are economic, legal, ethical, and discretionary.
What does the concept of social responsibility emphasize about business actions?
The concept emphasizes that businesses should be accountable for their actions which impact people, environment, and the community.
What are the additional responsibilities that organizations have, apart from earning a fair return for the investment?
Organizations have moral, ethical, and philanthropic responsibilities in addition to their responsibility to earn a fair return for the investment.
What is the focus of economic responsibility of business?
The economic responsibility focuses on the role of business in satisfying society’s expectations of producing goods and services needed and desired by the community at an affordable price after complying with the laws set by the governments.
What does ethical responsibility in business entail?
Ethical responsibility is concerned with societal expectations that go beyond the economic and legal requirements, requiring organizations to conduct their affairs in a fair way and make proactive efforts to meet the norms of the society.
Test your understanding of business social responsibility with this quiz. Explore the economic, legal, ethical, and discretionary expectations that society has from businesses. Assess your knowledge of the impact of business actions on people, the environment, and the community, and the moral, ethical, and philanthropic responsibilities of organizations.
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