Social Responsibility in Business

The video discusses the concept of social responsibility in business, emphasizing the obligation of enterprises to benefit society while conducting their operations. It differentiates between legal and social responsibilities, highlighting the voluntary nature of the latter. The video outlines unethical practices businesses should avoid and responsible actions they should undertake. It introduces Corporate Social Responsibility (CSR), credited to Howard Bowen, and explores ethical considerations. Arguments for and against social responsibility are presented, concluding with the importance of businesses contributing positively to society.

What distinguishes social responsibility from legal responsibility in business?

• Legal responsibility is about ethical decisions, while social responsibility is about following the law.

• Social responsibility involves voluntary actions for societal benefit, unlike legal responsibility.

• Legal responsibility involves voluntary actions, while social responsibility is about compliance.

• Social responsibility is mandatory, while legal responsibility is voluntary.

Which of the following is NOT an activity businesses are expected to avoid?

• Manufacturing adulterated goods

• Creating healthy working conditions

• Making deceptive advertisements

• Polluting the environment

Who is credited with popularizing the term Corporate Social Responsibility (CSR)?

• Elon Musk

• Milton Friedman

• Howard Bowen

• Peter Drucker

What is a key component of Corporate Social Responsibility (CSR) according to Howard Bowen?

• Maximizing profits at all costs

• Focusing solely on shareholder interests

• Following policies that align with societal values

• Avoiding any form of regulation

Which of the following is an argument in favor of social responsibility?

• It increases short-term profits significantly.

• It helps avoid government regulation.

• It reduces the need for ethical considerations.

• It eliminates the need for business resources.

How can social responsibility benefit a business in the long term?

• By eliminating competition

• By reducing operational costs

• By enhancing the company's reputation and trust

• By focusing solely on profit maximization

Which of the following is NOT an argument against social responsibility?

• It enhances the company's public image.

• It lacks broad public support.

• It violates the profit maximization objective.

• It places a burden on consumers.

What is a potential downside of businesses focusing on social responsibility?

• It always leads to negative public perception.

• It may result in a lack of social skills.

• It can lead to increased government intervention.

• It can conflict with the goal of maximizing profits.

Why might some argue that social responsibility is a burden on consumers?

• It leads to higher product prices.

• It reduces product quality.

• It increases competition in the market.

• It decreases the availability of products.

What is a common criticism of businesses engaging in social responsibility?

• They often lack the necessary social skills.

• They prioritize employee welfare over profits.

• They focus too much on short-term gains.

• They ignore legal responsibilities.