Business Ethics and Social Responsibility

The video explores business ethics and social responsibility, defining business ethics as moral principles guiding ethical behavior in business. It highlights the importance of integrity, honesty, and respect for stakeholders. Social responsibility is described as businesses' broader obligations to society, including environmental responsibility and community engagement. The video contrasts the shareholder model, focused on profit, with the stakeholder model, emphasizing broader societal impact. It underscores the shift towards expecting businesses to consider societal well-being alongside profitability.

What are the two main concepts discussed in the video?

• Business ethics and corporate governance

• Business ethics and social responsibility

• Social responsibility and financial management

• Corporate governance and stakeholder management

Which of the following best describes business ethics?

• Strategies for market expansion

• Moral principles guiding business behavior

• A set of rules for financial success

• Techniques for reducing operational costs

What is a key component of business ethics?

• Expanding market share

• Conducting operations with integrity

• Reducing production costs

• Maximizing shareholder profit

Social responsibility involves obligations towards which of the following?

• Society as a whole

• Only customers

• Only employees

• Only shareholders

Which aspect of social responsibility focuses on minimizing environmental impact?

• Financial responsibility

• Environmental responsibility

• Legal responsibility

• Cultural responsibility

What is the primary focus of the shareholder model of social responsibility?

• Maximizing shareholder profit

• Enhancing employee satisfaction

• Maximizing community engagement

• Minimizing environmental impact

Who popularized the shareholder model of social responsibility?

• John Maynard Keynes

• Warren Buffett

• Adam Smith

• Milton Friedman

What is the main difference between the shareholder and stakeholder models?

• Focus on employee satisfaction vs. focus on customer satisfaction

• Focus on short-term gains vs. focus on long-term planning

• Focus on profit vs. focus on broader societal impact

• Focus on environmental sustainability vs. focus on financial growth

What is the current societal expectation of businesses according to the video?

• To prioritize environmental sustainability above all

• To focus only on customer satisfaction

• To operate within societal confines and benefit society

• To solely generate profit

Why is it important for businesses to integrate ethics and social responsibility?

• To reduce operational costs

• To enhance reputation and contribute to sustainable development

• To increase market share

• To comply with government regulations