Business Studies

The four types of social responsibility include ____________.


ANSWER

legal, philanthropic, economic and ethical


SOLUTION
In general, businesses have a hierarchy of responsibilities to meet, ranging from the basic (making a profit) to the benevolent (benefiting society). Here are some examples:
  • Economic Responsibilities - A business exists to make a profit for shareholders. If it fails to do so, it likely won’t be able to pay its employees, taxes and other obligations. A corporate social responsibility program (CSR program) cannot be implemented until a business is profitable.
  • Legal Responsibilities - Following the law is the foundation of corporate responsibility. A company cannot benefit society if it does not adhere to labor and tax laws or applicable industry regulations.
  • Ethical Responsibilities - Once a company is profitable and meets its legal responsibilities, it can move up the ladder to ethical responsibilities, which might include paying higher wages, offering employees better benefits, avoiding trade with unscrupulous companies or providing jobs to those who would otherwise have difficulty finding work.
  • Philanthropic Responsibilities - As a company meets its economic, legal and ethical responsibilities, it can consider taking on philanthropic responsibilities. Corporate philanthropy ranges in size and scope, and can include everything from donating time to a local charity to building a children’s hospital.
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