Explain the concept of social responsibility in the business environment. How can businesses be more socially responsible in today's world?
Explain the concept of social responsibility in the business environment. How can businesses be more socially responsible in today's world?
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Question
Explain the concept of social responsibility in the business environment. How can
businesses be more socially responsible in today's world?
Expert Solution
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Step 1: Define the term social responsibility:
Social responsibility, frequently referred to as commercial social responsibility( CSR) when applied to businesses and associations, is a conception that suggests these realities have an ethical and moral obligation to consider the well- being and interests of society at large beyond their primary thing of generating gains. Social responsibility encompasses a range of conduct and enterprise aimed at addressing colorful social and environmental issues, similar as poverty, environmental sustainability, labor practices, and community development.
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