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Social Responsibility of Business — OCM STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceOCMSocial Responsibility of Business3 Marks
Question
"Social objective has become inevitable today” - Explain.
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Answer

  • Social responsibility means considering various classes of society through which business activities are carried out.
  • Interested all classes of society should be considered. Business activity is carried out considering social welfare and upliftment of society preferable weaker section.
  • Interested parties related to business unit are shareholders, employees, creditors. customers, competitors, government and society.
  • It is important for business unit to maintain their interest. In the present days due to awareness and government regulations business units are forced to understand their responsibility towards society.
  • Under certain laws regarding provided fund, Gumasta dhara, Minimum Wage Act, The Employee state Insurance Act, Consumer Protection Act, Pollution Control Act etc.
  • have been passed. For the protection of the benefit of employees labour union and consumer union have been established. The concept of social responsibility has emerged.

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