Q.Define the concept of social responsibility?

Social responsibility is the obligation of a business to make decisions and act in ways that benefit society as a whole — not just to earn profit, but to protect and promote the welfare of all the groups connected with it.

Social responsibility of business refers to the obligation of business enterprises to take decisions and perform actions that are desirable in terms of the objectives and values of society. In the words of H.R. Bowen, it is the duty of businessmen "to pursue those policies, to make those decisions or to follow those lines of action which are desirable in terms of the objectives and values of our society."

Key ideas in the concept:

• A business does not operate in isolation; it uses society's resources (labour, capital, natural resources) and therefore owes duties back to society.
• It must balance profit-making with the welfare of various interest groups — owners, workers, consumers, government and the community.
• It includes responsibilities such as supplying quality goods at fair prices, fair treatment of employees, protecting the environment, honest dealings and honest payment of taxes. …