Social Responsibility of Business and Business Ethics Test - 31

The assertion correctly states that a business enterprise should be a loyal citizen of the state, which implies that businesses should fulfill their social responsibilities and contribute positively to the welfare of society.

The reason provided supports the assertion by highlighting that businesses are part of the societal system and utilize resources provided by society for their operations. Therefore, they should fulfill their obligations as responsible members of society.

Ethics means the ideals which one follows in life. These are the principles that defines what is right and what is wrong in human behaviour from the point of view of public welfare. Ethics can be related with various fields like law, business, medical etc.

While maximizing shareholder wealth is an important goal for businesses, it is not the sole aspect of social responsibility. Social responsibility encompasses ethical conduct, environmental sustainability, and contributing to societal welfare beyond just maximizing shareholder wealth.

Each of the options listed - involvement of employees, establishment of compliance mechanisms, and publication of a code of conduct - plays a crucial role in ensuring an effective ethics program in a business enterprise.

Ethics has been derived from Greek Word "ethics" which means ideals, values and norms prevailing in a society.

Businesses have a responsibility towards the government to comply with all legal regulations, including tax regulations, and to pay taxes promptly.

Business Ethics refers to the set of moral values and social norms that govern the actions of a businessman. Ethics defines what is right and what is wrong. It involves critical analysis of human acts to determine whether these are right or wrong.

The injection of harmful gases such as corbon monoxide emitted from automobiles, smoke and chemichal from factories etc. reduce the quality of air. Thus cause air pollution.

Business ethics refers to socially determined moral principles that govern business activities. Examples of business ethics:

• Giving enough dividends to shareholders
• Making a good quality product
• Timely payments to suppliers
• Healthy competition
• Observing government laws etc.

To design and develop products keeping in mind the needs and requirements of the customers is the responsibility of the business towards Consumers.

This responsibility reflects the commitment of the business to serve its consumers by creating products that meet their needs, preferences, and expectations, thereby enhancing customer satisfaction and loyalty.