A Business owes certain obligations towards different social groups. Identify these social groups and explain the obigation of the business towards these groups.
Dear student,
The obligations that business owes towards various social groups are:
1) Shareholders: As owner/ shareholder invests money in business, its responsibility of business to safeguard their interest and pay regular return on their investment,
2) Workers: Business should pay regular and fair wages to worker and provide them safe and healthy working conditions.
3) Consumer: Consumer is considered as king of market. Business should offer good quality products and services at reasonable price to consumer.
4) Supplier: Business should ensure regular payment to suppliers and safeguard them from any sort of exploitation.
5) Government: Business must behave as responsible citizen. Business must take measures to address to social and economic problems responsibly.
Regards
The obligations that business owes towards various social groups are:
1) Shareholders: As owner/ shareholder invests money in business, its responsibility of business to safeguard their interest and pay regular return on their investment,
2) Workers: Business should pay regular and fair wages to worker and provide them safe and healthy working conditions.
3) Consumer: Consumer is considered as king of market. Business should offer good quality products and services at reasonable price to consumer.
4) Supplier: Business should ensure regular payment to suppliers and safeguard them from any sort of exploitation.
5) Government: Business must behave as responsible citizen. Business must take measures to address to social and economic problems responsibly.
Regards