What do you understand by social responsibility of business how is it different from legal responsibility?

Social responsibility is broader than legal responsibility of business. Legal responsibility may be fulfilled by mere compliance with the law whereas Social responsibility is a firm's recognition of social obligations even though not covered by law, along with the obligations laid down by law.

What do you understand by Social responsibility of business how is it different from legal responsibility Brainly?

(1) social responsibility of business is wider in comparison of legal responsibility of business. (2) Social responsibility of the business to act in such a way which will serve the interest of the society, whereas legal responsibility of business organisation is to manage it affairs according to laws.

What is social responsibility and legal responsibility?

Social responsibility is an ethical theory in which individuals are accountable for fulfilling their civic duty, and the actions of an individual must benefit the whole of society. In this way, there must be a balance between economic growth and the welfare of society and the environment.

What do you mean by Social responsibility of business answer?

Social responsibility of business refers to its obligation to perform those actions which are desirable in terms of the objectives and values of our society and benefit the community.

What do you understand by social responsibility Class 11?

Social responsibility is a moral obligation on a company or an individual to take decisions or actions that is in favour and useful to society.

Class 11 Business Studies Ch 6 | Difference Social Responsibility

What is a legal responsibility?

A term describing a moral or legal duty to perform or not perform an action which is enforced by a court of law.

What is legal responsibility in business class 11?

Hence a business must undertake activities for producing goods and services as per customer needs and sell them at reasonable prices. 2. Legal Responsibility: It is part of a firm's responsibility to abide by the laws and regulations of the country of operation.

What are the different social responsibilities of business?

What means social responsibility?

Social responsibility in business, also known as corporate social responsibility (CSR), pertains to people and organizations behaving and conducting business ethically and with sensitivity towards social, cultural, economic, and environmental issues.

What do you understand by Social responsibility of business to what section of society should business Fulfil the responsibility?

CONCEPT OF SOCIAL, RESPONSIBILITY: A business is a part of society. So, a business enterprise should do business and earn money in ways that fulfill the aspirations of the society. Thus social responsibility relates to the voluntary efforts on the part of the businessmen to contribute to the social well being.

What is an example of a legal responsibility?

A reason for the lack of penetration in government and administration may be the legal responsibility of the organization for its actions. Debts that women might run up among local stores were thus the legal responsibility of the husband.

How is ethical responsibility different from legal responsibility?

Legal compliance refers to acting in accordance with the laws of a particular organization, company etc. while ethical responsibility is the choice to comply with the code of ethics of the particular organization, company etc. Thus, this is the main difference between legal compliance and ethical responsibility.

What is social responsibility and examples?

Examples of social responsibility in corporations

Charitable giving and volunteer efforts: Companies are giving employees time off for volunteering every year and also donating portions of revenue to a charitable organization.

What are the core objectives of social responsibility of business?

According to concept of Social Responsibility of business the objective of managers for taking decision related to business is not only to maximize profit or shareholder value but also to serve and protect the interest of other members of its society like consumer, worker and community as a whole.

What is CSR according to Companies Act 2013?

The Indian Companies Act 2013 makes Corporate Social Responsibility (CSR) compliance mandatory for any company, whether private, public, foreign, or even a nonprofit company registered under Section 8, if the company has particular profit, turnover, or net-worth.

What are the responsibilities of business towards employees and consumer?

Answer: Responsibility of business towards employees is in the form of training, promotion, proper selection, fair wages, safety, health, worker's education, comfortable working conditions, participation management etc. The employees should be taken into confidence while taking decisions affecting their interests.

What is social responsibility essay?

How to Determine the Tone of an Essay. Social responsibility is a modern philosophy that states that all individuals and organizations are obligated to help the community at large. This is typically an active effort involving acting against a social issue or prevention of committing harmful acts to the environment.

What social responsibility means in the world of business?

Corporate social responsibility, also known as CSR, is the concept that a business has a responsibility to do good. CSR means that a company should self-regulate its actions and be socially accountable to its customers, stakeholders, and the world at large.

What is the legal environment?

The laws which are passed by the government for business operation is called legal environment. In every country, the government regulates business activities. These regulations of government are considered as legal environment. In practice legal and regulatory goes hand in hand.

What is the difference between personal and social responsibility?

Wikiquote.org defines personal responsibility (or individual responsibility) as “the idea that human beings choose, instigate, or otherwise cause their own actions” whereas Wikipedia defines social responsibility as “an ethical framework and suggests that an entity, be it an organization or individual, has an ...

What are the differences between laws and ethics?

Ethics are a set of moral values an individual establishes for one's self and your own personal behavior. Laws are structured rules utilized to govern all of society. Not only do retail companies have an obligation to act ethically but so do the professional individuals working there.

How are ethical responsibilities different from legal responsibilities quizlet?

A legal responsibility is the code in which an individual of a society must adhere to avoid punishment and harming other parties. Usually known as a law. An ethical responsibility falls more on the individual of a society. It is being morally just without the law saying the act is right.

What are the differences between legal ethical and moral?

Morality governs private, personal interactions. Ethics governs professional interactions. Law governs society as a whole, often dealing with interactions between total strangers. There are things that fall under the governance of all three.

What are the social responsibility of an entrepreneur towards different sections of the society?

How do the terms business ethics and social responsibility differ from each other?

How do the terms business ethics and social responsibility differ from each other? Business ethics relates to an individual's or a work group's decisions that society evaluates as right or wrong, whereas social responsibility concerns the impact of the entire business's activities on society.