what are the major areas of social responsibility of business

Economic responsibilities-: a business enterprise is basically an economic entity and therefore its primary social responsibilty is economic i.e. produce goods and services and sell them at a profit

Legal responsibilities:- every business has a responsibility to operate within the laws and the land.Since these laws are meant for the goods of  society a law abiding enterprise is a socially responsible enterprise.

Ethical responsibilities:- this includes the behaviour of the firm that is expected by society but not codified in law.

Discretionary responsibility:- this mean a business enterprise may choose to open a charitable school hospital for the poor,grant aid to people affected bu natural calamities,provide employment opportunities to the physically challenged and so on.

The major areas of social responsibility of business are:

→ Economic responsibility: A business enterprise is basically an economic entity and, therefore, its primary social responsibility is economic i.e., produce goods and services that society wants and sell them at a profit. There is little discretion in performing this responsibility.

→ Legal responsibility: Every business has a responsibility to operate within the laws of the land. Since these laws are meant for the good of the society, a law abiding enterprise is a socially responsible enterprise as well.

→ Ethical responsibility: This includes the behaviour of the firm that is expected by society but not codified in law. For example, respecting the religious sentiments and dignity of people while advertising for a product.

→ Discretionary responsibility: This responsibility is completely voluntary in nature. It means that a business enterprise may choose to open a charitable school or hospital for the poor, grant aid to people affected by natural calamities, provide employment opportunities to the physically challenged and so on.

→ Economic responsibility: A business enterprise is basically an economic entity and, therefore, its primary social responsibility is economic i.e., produce goods and services that society wants and sell them at a profit. There is little discretion in performing this responsibility. → Legal responsibility: Every business has a responsibility to operate within the laws of the land. Since these laws are meant for the good of the society, a law abiding enterprise is a socially responsible enterprise as well. → Ethical responsibility: This includes the behaviour of the firm that is expected by society but not codified in law. For example, respecting the religious sentiments and dignity of people while advertising for a product. → Discretionary responsibility: This responsibility is completely voluntary in nature. It means that a business enterprise may choose to open a charitable school or hospital for the poor, grant aid to people affected by natural calamities, provide employment opportunities to the physically challenged and so on.