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Although earning profit cannot be the only objective of business, its importance cannot be ignored. What are the multiple objectives of a business? Explain any 3 objectives.?
Most Upvoted Answer
Although earning profit cannot be the only objective of business, its ...
Multiple Objectives of Business
A business has multiple objectives that it aims to achieve, apart from earning profits. These objectives are as follows:
1. Economic Objectives
2. Social Objectives
3. Human Objectives
Economic Objectives
The primary objective of a business is to earn profits. The other economic objectives of a business are:
a. Creating wealth: The business creates wealth by producing goods and services that are in demand in the market.
b. Generating Employment: A business provides employment opportunities to people, which helps in reducing unemployment.
c. Innovation: A business strives to innovate and create new products or services, which helps in improving the quality of life.
Social Objectives
A business has a responsibility towards the society in which it operates. These social objectives are:
a. Contributing to the society: A business contributes to the society by paying taxes, providing goods and services, and creating employment opportunities.
b. Protecting the environment: A business has a responsibility to protect the environment by reducing pollution, conserving natural resources, and minimizing waste.
c. Supporting social causes: A business can support social causes such as education, healthcare, and poverty alleviation through philanthropy.
Human Objectives
A business has a responsibility towards its employees and customers. The human objectives of a business are:
a. Providing quality products and services: A business should provide quality products and services to its customers.
b. Providing a safe and healthy work environment: A business should provide a safe and healthy work environment to its employees.
c. Employee satisfaction: A business should strive to satisfy its employees by providing them with fair compensation, job security, and opportunities for growth and development.
Conclusion
In conclusion, a business has multiple objectives, which are not limited to earning profits. The economic, social, and human objectives of a business are equally important, and a business should strive to achieve all of them.
A business has multiple objectives that it aims to achieve, apart from earning profits. These objectives are as follows:
1. Economic Objectives
2. Social Objectives
3. Human Objectives
Economic Objectives
The primary objective of a business is to earn profits. The other economic objectives of a business are:
a. Creating wealth: The business creates wealth by producing goods and services that are in demand in the market.
b. Generating Employment: A business provides employment opportunities to people, which helps in reducing unemployment.
c. Innovation: A business strives to innovate and create new products or services, which helps in improving the quality of life.
Social Objectives
A business has a responsibility towards the society in which it operates. These social objectives are:
a. Contributing to the society: A business contributes to the society by paying taxes, providing goods and services, and creating employment opportunities.
b. Protecting the environment: A business has a responsibility to protect the environment by reducing pollution, conserving natural resources, and minimizing waste.
c. Supporting social causes: A business can support social causes such as education, healthcare, and poverty alleviation through philanthropy.
Human Objectives
A business has a responsibility towards its employees and customers. The human objectives of a business are:
a. Providing quality products and services: A business should provide quality products and services to its customers.
b. Providing a safe and healthy work environment: A business should provide a safe and healthy work environment to its employees.
c. Employee satisfaction: A business should strive to satisfy its employees by providing them with fair compensation, job security, and opportunities for growth and development.
Conclusion
In conclusion, a business has multiple objectives, which are not limited to earning profits. The economic, social, and human objectives of a business are equally important, and a business should strive to achieve all of them.
Community Answer
Although earning profit cannot be the only objective of business, its ...
~To maintain systematic records of business transactions this helps in detection in errors and fraud
~ To ascertain net profit and net loss. This helps in knowing the financial position of the business
~ It also works as a evidence in the legal matters
~ it also provides information to various interested parties.
~ To ascertain net profit and net loss. This helps in knowing the financial position of the business
~ It also works as a evidence in the legal matters
~ it also provides information to various interested parties.
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Although earning profit cannot be the only objective of business, its importance cannot be ignored. What are the multiple objectives of a business? Explain any 3 objectives.?
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Although earning profit cannot be the only objective of business, its importance cannot be ignored. What are the multiple objectives of a business? Explain any 3 objectives.? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Although earning profit cannot be the only objective of business, its importance cannot be ignored. What are the multiple objectives of a business? Explain any 3 objectives.? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Although earning profit cannot be the only objective of business, its importance cannot be ignored. What are the multiple objectives of a business? Explain any 3 objectives.?.
Although earning profit cannot be the only objective of business, its importance cannot be ignored. What are the multiple objectives of a business? Explain any 3 objectives.? for Class 11 2024 is part of Class 11 preparation. The Question and answers have been prepared according to the Class 11 exam syllabus. Information about Although earning profit cannot be the only objective of business, its importance cannot be ignored. What are the multiple objectives of a business? Explain any 3 objectives.? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Although earning profit cannot be the only objective of business, its importance cannot be ignored. What are the multiple objectives of a business? Explain any 3 objectives.?.
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