Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
What are the negatives of the socioeconomic model ?
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Step 1
The socioeconomic model refers to the concept that a business should not only focus on earning profits but must also look after the effects of its decisions and functioning on society.
Socioeconomic model of social responsibility is that the managers of the organizations are also responsible to the customers, employees, vendors, and the general public, along with the shareholders.
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