Q.Give any three arguments in favour of (the case FOR) social responsibility of business.

Arguments for social responsibility include business's use of society's resources, its own long-run self-interest, and avoiding stricter government regulation, among others.

Three arguments in favour of social responsibility of business (any three of the following are acceptable):

1. Business uses society's resources. A firm draws capital, labour, land, and raw material from society, so fairness requires it to give something back.
2. Long-run self-interest. Treating employees, customers, and the community well builds goodwill, which improves customer loyalty, employee retention, and ultimately the firm's own profitability.
3. Avoiding stricter government regulation. A business that voluntarily behaves responsibly gives the government less reason to impose costlier, more restrictive regulation on the industry.
4. Better public image and relations. Socially responsible conduct improves reputation with customers, investors, employees, and government alike. …