What is the correct meaning of social responsibility in business?
Answer and explanation
Correct answer: Caring for society and the environment along with profit
Social responsibility means recognising that business decisions affect employees, consumers, communities, and the environment. A responsible business seeks economic viability while obeying laws, treating people fairly, protecting customers, and reducing harmful effects. Maximising profit alone, ignoring complaints, or avoiding the law does not express social responsibility.
Frequently asked questions
What is the correct answer to this question?
Caring for society and the environment along with profit
Why is this the correct answer?
Social responsibility means recognising that business decisions affect employees, consumers, communities, and the environment. A responsible business seeks economic viability while obeying laws, treating people fairly, protecting customers, and reducing harmful effects. Maximising profit alone, ignoring complaints, or avoiding the law does not express social responsibility.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: Social Responsibilities of Business and Business Ethics. Topic: Concept of social responsibility.
