1. A socially responsible business must act in a manner, which is desirable in terms of objectives and values of our society. Explain the meaning of this statement.

Dear student,

The given statement means that a company operates in a society and its social responsibility of a business to fulfil needs of society. The social objective of business is in contrast to economic objective of business. A socially responsible business enjoys a good reputation in society by catering to various needs of the society.
The benefits of assuming social responsibility by business are:
* It helps business to avoid government interference in business.
* It creates better environment for doing business.]
* It improves the image of business in society.
* It is beneficial for business in its long term interest.


Regards

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