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It is the obligation of the business to take those decisions and to perform those actions which are expected in respect of the values and norms of the society. Identify the concept.
  • a)
    Social Ethics
  • b)
    None of the options
  • c)
    Social Skills
  • d)
    Social Responsibility
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
It is the obligation of the business to take those decisions and to pe...

The concept being discussed in the given statement is "Social Responsibility". This concept implies that businesses have a moral obligation to make decisions and take actions that align with the values and norms of society. Here is a detailed explanation:
Social Responsibility:
- Businesses are expected to consider the impact of their decisions and actions on society as a whole.
- They should prioritize the well-being of the community, environment, and stakeholders.
- Social responsibility involves acting ethically, being accountable for the consequences of business operations, and contributing positively to society.
- It goes beyond legal requirements and encompasses voluntary initiatives taken by businesses to address social and environmental issues.
- Socially responsible businesses may engage in activities such as philanthropy, sustainability practices, fair labor policies, and community development initiatives.
The given statement highlights the responsibility of businesses to align their decisions and actions with the values and norms of society, thus indicating the concept of social responsibility.
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It is the obligation of the business to take those decisions and to pe...
Ethics are the set of moral principles that guide a person’s behavior. These morals are shaped by social norms, values, cultural practices, and religious influences. Business ethics and corporate ethics are often used to describe the application of ethical values to business activities. Hence, the correct answer is Business Ethics
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Mr. Gul Muhammed set up a factory for manufacturing parts of washing machines in his village after completing his education of MBA. This gave employment to about 50 people of his village. The scale of Gul Muhammad’s business was small. He had kept all the decision taking rights  with himself so far as the different business activities are concerned. Mr.Akbar Shah, the Sarpanch of the village, had helped him a lot in setting up the factory. He often happened to meet Mr.Shah. Many a time he saw Mr.Shah working as the Sarpach. During this course the special thing that e observed was that all the rights of spending the grant given by the government fr the welfare of the village were with the Panchayath only. Mr.Gul compared this situation with his own business and concluded, “The government has given all the decision taking rights to its subordinate ie village panchayath, whereas all the decision taking rights he has kept with himself instead of giving them to his subordinates.”Mr Gul thought deeply over this situation and arrived at this conclusion, “Because the Government is a very bg organization, it is imperative that the decision taking rights be given up to the lower level. On the other hand, the scale of his business is very small, hence he can easily take all the decisions himself. And as the scale of his business grows, he too will hand over the rights f decisions to his subordinates.”Identify and explain the principles of management described in the paragraph given above.Identify any one value in the paragraphs given above which through business has influenced the society. Related: Chapter Notes - Principles Of Management?

Direction: Read the following text and answer the questions on the basis of the same:Ramkrishan Agrawal is running a Jewellery showroom at a prime location in Jaipur, which he inherited from his father. His joint family consists of his three sons and a younger brother, who are also working in the same showroom. Being head of the family, Ramkrishna takes all the decisions of business, which sometimes causes conflicts among the members. He decided to open one more branch, and the business took a loan of ` 1 crore from Syndicate Bank for three years. But opening of the new branch proved to be a wrong decision and the business suffered heavy losses. Due to financial crises, Ramkrishna had to pay a part of the loan amount from his self-acquired property.Q. ”Ramkrishna takes all the decisions of business, which sometimes causes conflicts among the members.” Identify the demerit of the type of business stated here.

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It is the obligation of the business to take those decisions and to perform those actions which are expected in respect of the values and norms of the society. Identify the concept.a)Social Ethicsb)None of the optionsc)Social Skillsd)Social ResponsibilityCorrect answer is option 'A'. Can you explain this answer?
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