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Social Responsibility and Business Ethics

 Q. What do you mean by ecology?        

Ans.  Ecology is concerned with the relationship of living beings with their natural or physical environment. It provides a framework by which we can see that all living things are related to other living things.


Q. Mention all the human rights                                                                                                                                             

Ans.  There are seven human rights: -

1) The right to eat well

2) The right to drink pure water

3) The right to decent, uncrowded shelter

4) The right to enjoy natural beauty

5) The right to avoid pesticide poisoning

6) The right to freedom from thermo nuclear war

7) The right to limit families


Q. Give some examples of business ethics.

Ans.  A few examples of ethical business practices are: -

1) To charge fair prices from the customers.

2) To use fair weights for measurement of commodities.

3) To pay taxes to the Government honestly.

4) To charge reasonable profits from the customers.

5) To ensure genuine and safe products for the public.

6) To give fair treatment to the workers.


Q. State the concept of social responsibility.

Ans.  Social responsibility means the obligation of business to act in a manner, which will serve the best interests of the society. Social obligation of a business relates to the voluntary efforts on the part of businessmen to contribute to the social well-being that goes beyond the production of goods and services at a profit.

 AS per the social responsibility concept, corporations relate to society through more than just the market place and serve a wider range of human values than the traditional economic values of the market.


Q. What are human rights?                       

Ans.   Rights refer to the rights relating to life, liberty, equality and autonomy of the individuals in the free pursuit of their interests, guaranteed by the constitution and enforceable by courts in India. Such rights have universal acceptance and not just the constitutional.


Q. What do you mean by business ethics?

Ans.  Business ethics is an act, decision or behavior that is in agreement with the prevailing norms of the society. Every business is expected to carry its operations in an ethical manner. It is different from law. Ethics means the business practices which are desirable from the point of view of the society.

 For instance, business malpractices such as adulteration, hoarding, black-marketing etc. are not desirable from the point of view of the society and so are termed as unethical.


Q. State the responsibilities of business towards owners or investors.

Ans.  The responsibilities of business towards the owners or shareholders are as follows: -

1) To ensure a fair and regular return on the investment of owners or shareholders.

2) To ensure safety of invested funds.

3) To strengthen financial position of the company so as to ensure capital appreciation.

4) To keep the owners well informed about the progress and financial position of the company.

5) To safeguard the assets of the business.

6) To protect the interest of all types of investors in the business.


Q. State the arguments in Favour of social responsibility.

Ans.  Arguments in Favour of social responsibility:

1) Business is a creation of society and it uses society’s resources. So business is responsible to the society.

2) It is in the long-term self-interest of the business to assume social responsibilities.

3) Scope for government interference in business will get reduced if the business follows socially responsible policies.

4) There is moral justification to fulfill social obligations of the business.

5) Public image of the business would improve if it fulfills its social obligations.


Q. Define the role of businesses in environment protection.

Ans.  Business houses should take the following steps to protect environment:

(1) Eco friendly and low waste technology should be used by the industrial organisations.

(2) Industrial waste should be recycled as far as possible.

(3) There should be scientific treatment of all emissions before they are released into the environment.

(4)Plant and machinery should be modernised to minimise pollution.

(5)The business houses should co-operate with the public authorities in their programmes organised for environmental protection


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