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What is the classical view of management's social responsibility?
- a)To create specific environment in work place
- b)To maximise profits
- c)To protect and improve society's welfare
- d)All of the above
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
What is the classical view of management's social responsibility?a...
The Classical View of Management's Social Responsibility
The classical view of management's social responsibility is centered on the goal of maximizing profits. This view is based on the belief that businesses exist primarily to generate profits for their owners and shareholders. According to this view, a company's only social responsibility is to maximize profits within the boundaries of the law.
Explanation
The classical view of management's social responsibility is based on the following points:
1. Profit Maximization: The primary goal of a business is to maximize profits. This goal is achieved by increasing efficiency, reducing costs, and increasing productivity.
2. Limited Social Responsibility: A company's only social responsibility is to maximize profits within the boundaries of the law. Businesses are not responsible for social welfare or environmental concerns.
3. Free Market: The classical view supports a free market economy where businesses are free to compete with each other without government intervention.
4. Minimal Government Regulation: The role of the government is to ensure that businesses operate within the boundaries of the law. The government should not interfere with the free market by imposing excessive regulations.
5. Private Property Rights: Private property rights are essential for the functioning of a free market economy. Businesses have the right to own and control their assets and resources.
Conclusion
In conclusion, the classical view of management's social responsibility is centered on the goal of profit maximization. This view is based on the belief that businesses exist primarily to generate profits for their owners and shareholders. According to this view, a company's only social responsibility is to maximize profits within the boundaries of the law. Businesses are not responsible for social welfare or environmental concerns.
The classical view of management's social responsibility is centered on the goal of maximizing profits. This view is based on the belief that businesses exist primarily to generate profits for their owners and shareholders. According to this view, a company's only social responsibility is to maximize profits within the boundaries of the law.
Explanation
The classical view of management's social responsibility is based on the following points:
1. Profit Maximization: The primary goal of a business is to maximize profits. This goal is achieved by increasing efficiency, reducing costs, and increasing productivity.
2. Limited Social Responsibility: A company's only social responsibility is to maximize profits within the boundaries of the law. Businesses are not responsible for social welfare or environmental concerns.
3. Free Market: The classical view supports a free market economy where businesses are free to compete with each other without government intervention.
4. Minimal Government Regulation: The role of the government is to ensure that businesses operate within the boundaries of the law. The government should not interfere with the free market by imposing excessive regulations.
5. Private Property Rights: Private property rights are essential for the functioning of a free market economy. Businesses have the right to own and control their assets and resources.
Conclusion
In conclusion, the classical view of management's social responsibility is centered on the goal of profit maximization. This view is based on the belief that businesses exist primarily to generate profits for their owners and shareholders. According to this view, a company's only social responsibility is to maximize profits within the boundaries of the law. Businesses are not responsible for social welfare or environmental concerns.
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What is the classical view of management's social responsibility?a...
Please change, the correct option is c) classical view of management's social responsibility is to protect and improve the society's welfare
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What is the classical view of management's social responsibility?a)To create specific environment in work placeb)To maximise profitsc)To protect and improve society's welfared)All of the aboveCorrect answer is option 'B'. Can you explain this answer?
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