Business has to safeguard not only the interest of the parties but the interest of several other parties also. In other parties are included the employes, consumers, suppliers, competitors, government, community and the world. Today, only that business takes care of the interest of allthese parties also.Which concept of business has been talked about in this statement ?
Dear student,
The concept that is being referred is social responsibility. It is the responsibility of the business to work towards the society at large. A business uses the resources of the society to undertaken production activities and to make profit. So, it becomes the moral duty and responsibility of the business to work towards the various groups of the society
The concept that is being referred is social responsibility. It is the responsibility of the business to work towards the society at large. A business uses the resources of the society to undertaken production activities and to make profit. So, it becomes the moral duty and responsibility of the business to work towards the various groups of the society