Commerce Exam > Commerce Notes > Business Studies (BST) Class 11 > Cheat Sheet: Social Responsibilities of Business and Business Ethics
Cheat Sheet: Social Responsibilities of Business and Business Ethics | Business Studies (BST) Class 11 - Commerce PDF Download
Businesses must prioritise societal well-being, acting as integral parts of the community. They rely on society for resources and thus have a responsibility to avoid harmful or unethical practices while pursuing profit. This guide outlines ethical principles and social responsibilities businesses should follow.
Social Responsibility
Definition: The obligation of businesses to make decisions and take actions that align with societal objectives and values, beyond legal requirements, to benefit society voluntarily.
Need for Social Responsibility
- Ethical issue balancing profit motives with stakeholder interests (customers, employees, suppliers, government, community).
- Voluntary, with varying levels of commitment among business leaders.
- Debate: Some prioritise owners’ profits; others advocate serving all affected stakeholders.
Arguments for Social Responsibility
Arguments Against Social Responsibility
Reality of Social Responsibility
Despite debates, social responsibility is increasingly necessary for business survival and growth due to:
Kinds of Social Responsibility
Social Responsibility Towards Interest Groups
Business and Environmental Protection
Businesses significantly contribute to environmental pollution, necessitating their leadership in protection efforts to maintain resource quality and human health.
Causes of Pollution
Environmental Problems
- Ozone depletion
- Land degradation
- Solid/hazardous wastes
- Biodiversity loss
- Deforestation
- Global warming
- Water pollution
- Freshwater scarcity
Need for Pollution Control
Role of Business in Environmental Protection
- Top management commitment to environmental protection.
- Involve all employees in protection initiatives.
- Develop clear policies for production quality and waste disposal.
- Comply with environmental laws.
- Participate in government programs (e.g., waste management, afforestation).
- Regularly assess and improve pollution control programs.
- Conduct educational workshops on pollution control.
Business Ethics
Definition: Socially determined moral principles governing business activities, guiding managers/employees to act in ways desirable to society.
Examples of Ethical Practices
- Charging fair prices
- Using accurate weights
- Fair treatment of employees
- Avoiding adulteration, hoarding, illegal operations
- Using eco-friendly products/processes
Benefits of Ethical Business
- Improves public image/support
- Earns trust/confidence
- Leads to greater success
- Ensures long-term standing
Elements of Business Ethics
The document Cheat Sheet: Social Responsibilities of Business and Business Ethics | Business Studies (BST) Class 11 - Commerce is a part of the Commerce Course Business Studies (BST) Class 11.
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FAQs on Cheat Sheet: Social Responsibilities of Business and Business Ethics - Business Studies (BST) Class 11 - Commerce
| 1. What is social responsibility in the context of business? |  |
Ans. Social responsibility refers to the ethical framework that suggests that businesses have an obligation to act in the best interests of their environment and society at large. This includes considering the impact of their operations on stakeholders such as employees, customers, communities, and the environment, promoting sustainable practices, and contributing positively to society.
| 2. What are some common arguments in favor of social responsibility? | |
Ans. Common arguments in favor of social responsibility include the idea that businesses can enhance their reputation and build customer loyalty by demonstrating ethical practices. Additionally, socially responsible companies may experience reduced regulatory burdens, attract and retain employees who value ethics, and contribute to the overall welfare of society, which can lead to a healthier economy.
| 3. What are the main arguments against social responsibility? | |
Ans. Arguments against social responsibility often center around the belief that a business's primary obligation is to maximize profits for its shareholders. Critics argue that engaging in social initiatives can divert resources away from core business activities and lead to inefficiencies. Additionally, some contend that it is not the responsibility of businesses to address social issues, which should be the domain of government and non-profit organizations.
| 4. How do businesses demonstrate social responsibility towards interest groups? | |
Ans. Businesses demonstrate social responsibility towards interest groups by actively engaging with stakeholders, including customers, employees, investors, and community members. This may involve seeking feedback, addressing concerns, and implementing practices that promote transparency and accountability. Companies may also support local communities through charitable donations, sponsorships, and volunteer programs.
| 5. Why is business ethics important in relation to social responsibility? | |
Ans. Business ethics is crucial to social responsibility as it establishes the principles and standards that guide behavior within a company. Ethical practices ensure that businesses operate transparently and fairly, which can enhance trust and credibility with stakeholders. Upholding strong ethical standards can lead to sustainable business practices that align with social responsibility goals, ultimately benefiting both the company and society.
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Oct 12, 2025
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Document Description: Cheat Sheet: Social Responsibilities of Business and Business Ethics for Commerce 2025 is part of Business Studies (BST) Class 11 preparation.
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like Social Responsibility, Arguments for Social Responsibility, Arguments Against Social Responsibility, Reality of Social Responsibility, Kinds of Social Responsibility, Social Responsibility Towards Interest Groups, Business and Environmental Protection, Business Ethics and Cheat Sheet: Social Responsibilities of Business and Business Ethics Example, for Commerce 2025 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Cheat Sheet: Social Responsibilities of Business and Business Ethics.
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