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__________ is when a firm engages in social actions because of its obligation to meet certain economic and legal responsibilities.
- a)Social obligation
- b)Social responsibility
- c)Social responsiveness
- d)None of the above
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
__________ is when a firm engages in social actions because of its obl...
Explanation:
Social obligation is a concept that refers to the responsibility of a firm to meet certain economic and legal responsibilities towards society. It means that a firm engages in social actions, not necessarily because it wants to, but because it has a duty to do so. These obligations are typically based on laws, regulations, and ethical standards that are imposed on firms by society.
Examples of social obligations:
- Following the labor laws and paying minimum wages to employees
- Providing a safe and healthy work environment to employees
- Paying taxes to the government
- Following environmental regulations and reducing pollution
- Providing accurate and truthful information to customers
Difference between social obligation, responsibility, and responsiveness:
- Social responsibility is a broader concept that includes not only economic and legal responsibilities but also ethical and philanthropic responsibilities towards society.
- Social responsiveness is the ability of a firm to respond to the changing social environment by adopting new policies and practices that align with the expectations of society.
Importance of social obligations:
- Meeting social obligations helps firms to maintain a positive image and reputation in society.
- It helps to build trust and credibility with stakeholders such as customers, employees, and investors.
- Failure to meet social obligations can result in legal and financial penalties, as well as damage to the firm's reputation.
In conclusion, social obligation is an important concept that highlights the responsibility of firms towards society. By meeting their economic and legal obligations, firms can build trust and credibility with stakeholders and maintain a positive image in society.
Social obligation is a concept that refers to the responsibility of a firm to meet certain economic and legal responsibilities towards society. It means that a firm engages in social actions, not necessarily because it wants to, but because it has a duty to do so. These obligations are typically based on laws, regulations, and ethical standards that are imposed on firms by society.
Examples of social obligations:
- Following the labor laws and paying minimum wages to employees
- Providing a safe and healthy work environment to employees
- Paying taxes to the government
- Following environmental regulations and reducing pollution
- Providing accurate and truthful information to customers
Difference between social obligation, responsibility, and responsiveness:
- Social responsibility is a broader concept that includes not only economic and legal responsibilities but also ethical and philanthropic responsibilities towards society.
- Social responsiveness is the ability of a firm to respond to the changing social environment by adopting new policies and practices that align with the expectations of society.
Importance of social obligations:
- Meeting social obligations helps firms to maintain a positive image and reputation in society.
- It helps to build trust and credibility with stakeholders such as customers, employees, and investors.
- Failure to meet social obligations can result in legal and financial penalties, as well as damage to the firm's reputation.
In conclusion, social obligation is an important concept that highlights the responsibility of firms towards society. By meeting their economic and legal obligations, firms can build trust and credibility with stakeholders and maintain a positive image in society.
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__________ is when a firm engages in social actions because of its obl...
Answer is "SOCIAL RESPONSIBILITY".
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__________ is when a firm engages in social actions because of its obligation to meet certain economic and legal responsibilities.a)Social obligationb)Social responsibilityc)Social responsivenessd)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
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