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"business is essentialy a social institution & not a profit making activity". Explain?
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"business is essentialy a social institution & not a profit making act...
A business enterprise is a social instituion and not merely a profit making activity. This can be explained in the light of following points
(a) Responsibility towards shareholders or owners : A firm must provide fair rate of return to shareholders on their capital investment and to ensure safely of their investment. Firm must also provide them with correct, accurate and full information about its working and schemes.
(b) Responsibility towards : The workers management must provide workers with better conditions to work in, fair wages, bonus and fair dealing.
(c) Responsibility towards customers :
Supply of right quality and quantity of goods and services to customers at reasonable prices. The business must also take proper precaution against adulteration, poor quality, lack of desired service and courtesy to customer. They should also give them full information about the product.
(d) Responsibility towards Government and community : An enterprise must respect the laws of the country and pay taxes honestly. It must behave as a good citizen and act according to the well accepted values of society. It must protect the natural environment and should avoid bad, effluent, smoky chimneys, ugly buildings, dirty working conditions.
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"business is essentialy a social institution & not a profit making activity". Explain?
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"business is essentialy a social institution & not a profit making activity". Explain? 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 "business is essentialy a social institution & not a profit making activity". Explain? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for "business is essentialy a social institution & not a profit making activity". Explain?.
"business is essentialy a social institution & not a profit making activity". Explain? 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 "business is essentialy a social institution & not a profit making activity". Explain? covers all topics & solutions for Class 11 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for "business is essentialy a social institution & not a profit making activity". Explain?.
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