Social Responsibilities of Business and Business Ethics
❖ Need for Social Responsibility
i. Existence and growth of business- The existence of a business depends on how efficiently it serves the society by providing goods and services and considering the various aspects of social responsibility.
ii. Long-term interest of a firm- Giving due consideration to the welfare of the society and serving the various members of that society can help a business gain maximum profits in the long run.
iii. Avoidance of government regulations- Working in line with the values and ethics of the society will help a business avoid unwanted government intervention.
iv. Availability of resources- As compared to other members of the society, business enterprises have greater availability of financial and other resources at their disposal which can be effectively utilised for solving various socia…
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