Q.Explain the following term/concept.
Concept of Trusteeship

Businessmen are trustees of society's wealth and resources.

Business does not operate in isolation; it draws its resources — money, labour, raw materials and infrastructure — from society. The concept of social responsibility, strongly supported by Mahatma Gandhi's idea of trusteeship, holds that the wealth a businessman controls really belongs to society, and the businessman is only a trustee who manages it on society's behalf.

…

The term is 'Business'.

Business is an economic activity concerned with the production, purchase, sale or exchange of goods and services with the primary motive of earning profit. The profit motive is what distinguishes business from other human activities such as employment or social …

The term is 'Social Responsibility of Business' — the obligation of business to act for the welfare of society.

Social Responsibility of Business means the responsibility of business organisations to take decisions and perform activities that protect and improve the welfare of society along with earning profit.

• It covers duties towards consumers, employees, owners, government and the community. …