Q.State whether True or False, with reason: "Business ethics and social responsibility of business mean exactly the same thing."

Business ethics is about the moral standards guiding EVERY business dealing, while social responsibility is specifically about obligations toward external stakeholders and society — related, but distinct.

Recall the distinction drawn at the start of the business-ethics section above before answering.

This statement is False. Business ethics refers to the moral principles, values, and standards that govern the conduct, decisions, and dealings of a business in EVERY context — with stakeholders, competitors, and within the organisation itself. Social responsibility of business is narrower and more specific: it is the obligation a business owes toward its external stakeholders (owners, employees, consumers, government, society) and toward broader societal welfare.

The two are closely related — an ethical business is more likely to also be socially responsible — but they are not synonyms: a business could, in principle, follow a strict internal code of honesty (business ethics) while still doing very little for the wider community's welfare (social responsibility), or vice versa.