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Social Responsibilities of Business and Business Ethics · Class 11 · CBSE · Commerce Business Studies

Explain the concept of 'social responsibility' of business and briefly distinguish it from 'legal responsibility'.

Practice question from Social Responsibilities of Business and Business Ethics (Class 11 · CBSE · Commerce Business Studies), with the correct answer and a step-by-step solution.

medium · Subjective · Q-1802F5

Explain the concept of 'social responsibility' of business and briefly distinguish it from 'legal responsibility'.

Answer: Social responsibility is a broader concept that refers to a business's obligation to take actions that protect and improve the welfare of society as a whole, driven by moral and ethical considerations. Legal responsibility, on the other hand, strictly involves compliance with the laws and regulations laid down by the government. While legal responsibility is mandatory and carries penalties for non-compliance, social responsibility often encompasses voluntary actions and ethical duties that go beyond minimum legal requirements.

Solution

Social responsibility includes moral and voluntary obligations toward society, whereas legal responsibility is strictly bound by statutory laws. Non-compliance with legal responsibility attracts penal action, whereas social responsibility is often self-regulated.

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