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What does the socio - economic view of social responsibility talk about?
  • a)
    Social responsibility goes beyond making profits to include protecting and improving society's welfare
  • b)
    Encourage business  
  • c)
    Financial return
  • d)
    None of the above 
Correct answer is option 'A'. Can you explain this answer?
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Most Upvoted Answer
What does the socio - economic view of social responsibility talk abou...
Introduction:
The socio-economic view of social responsibility emphasizes that businesses have a responsibility that goes beyond simply making profits. This perspective highlights the importance of protecting and improving society's welfare as a key aspect of corporate behavior.

Key Points:
- Social Responsibility Beyond Profits: The socio-economic view argues that businesses should not only focus on maximizing financial returns but also consider the impact of their actions on society.
- Protecting and Improving Society's Welfare: This perspective suggests that businesses have a duty to contribute to the well-being of society by engaging in activities that promote social welfare, such as supporting community initiatives or environmental sustainability efforts.
- Long-Term Benefits: By embracing social responsibility, businesses can build trust with consumers, enhance their reputation, and create a positive impact on society that can lead to long-term success.
- Ethical Considerations: The socio-economic view also highlights the importance of ethical behavior in business operations, emphasizing the need for businesses to uphold ethical standards and values in their interactions with stakeholders.
- Creating Shared Value: Companies that adopt a socio-economic view of social responsibility recognize that by aligning their business goals with societal needs, they can create shared value for both their business and society as a whole.
In conclusion, the socio-economic view of social responsibility emphasizes the importance of businesses going beyond profit-making to consider the broader impact of their actions on society. By prioritizing societal welfare, businesses can build stronger relationships with stakeholders, enhance their reputation, and contribute to the overall well-being of society.
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Similar CA CPT Doubts

Features of a Mixed Economy:A mixed economy is an economic system that combines elements of both a market economy and a planned economy. It incorporates features of both private enterprise and government intervention. The correct answer is D, as all of the following features are characteristic of a mixed economy:1. Planned economy:A mixed economy includes elements of a planned economy, where the government plays a role in guiding and regulating economic activities. It formulates economic plans and policies to ensure the efficient allocation of resources and to promote economic stability.2. Dual system of pricing:In a mixed economy, there exists a dual system of pricing, which means that both market prices and government-set prices coexist. While market forces determine prices for most goods and services, the government may intervene to regulate prices in certain sectors to protect consumers or promote social welfare.3. Balanced regional development:Another characteristic of a mixed economy is the emphasis on balanced regional development. The government intervenes to ensure that economic growth and development are not concentrated in specific regions or industries but are spread across different regions and sectors. This helps to reduce regional disparities and promote overall economic stability and social welfare.Benefits of a Mixed Economy:A mixed economy offers several benefits due to its combination of market forces and government intervention. Some of these benefits include:1. Economic efficiency:By incorporating market mechanisms, a mixed economy allows for resource allocation based on supply and demand, which promotes economic efficiency. Market forces encourage competition, innovation, and productivity, leading to higher levels of economic growth.2. Social welfare:Government intervention in a mixed economy enables the provision of public goods and services that may not be adequately provided by the market alone. This includes areas such as healthcare, education, infrastructure, and social security, ensuring a certain level of social welfare and equity.3. Stability and regulation:The government's role in a mixed economy helps to maintain economic stability through macroeconomic policies such as fiscal and monetary measures. It also regulates certain sectors to prevent market failures, protect consumer rights, and ensure fair competition.Conclusion:A mixed economy combines the advantages of both market forces and government intervention. It allows for economic efficiency, social welfare, and stability. The features of a mixed economy include elements of a planned economy, a dual system of pricing, and balanced regional development. These features work together to create a system that promotes both economic growth and social welfare.

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What does the socio - economic view of social responsibility talk about?a)Social responsibility goes beyond making profits to include protecting and improving societys welfareb)Encourage business c)Financial returnd)None of the aboveCorrect answer is option 'A'. Can you explain this answer?
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