Economic responsibility means excelling to guarantee that we, as a society, are financially gaining in order to generate long lasting worth for our stakeholders and contribute to an international and imperishable economy (“Economic Responsibility.”). “Our economic impact spans over customers, suppliers, governments, and society at large.” (“Economic Responsibility.”). For instance, Chili’s is a well-known, popular restaurant. Chili’s exists not only to feed customers but to ensure a profit for its shareholders. If Chili’s was not getting the business they needed, they would fail to be able to pay its members, taxes, and other obligations. Another downfall to this is not only does the company face hardship, the employees endure struggle too, especially servers. Since servers work off tips, no customers means no tips and no customers also make it harder for the business to be able to support its employees financially. In order for a corporate social responsibility program to be executed, a business first must prove that it is profitable. Legal responsibilities refers to the rules and regulations businesses must abide by in order to operate. …show more content…
I’ve been working in the restaurant business for roughly ten months now. Reading the sectors of the Social Performance Model started to get my brain running and viewing work in a different perspective. It got me thinking how they are all very different subheadings, but manage to embody with each other to assist in having a successful business. The economic and legal responsibilities are a vast part of this model and in the business world. This model can be used to help managers visually and systematically work their way through crucial social issues being endured. It also could be used as a planning tool or a problem solving tool which may assist in a better managed social responsibility
The specific obligations in this case would include monitor corporate governance activities and compliance with organization policies, and assess audit committee effectiveness and compliance with regulations
Corporate Social Responsibility (CSR) is a concept whereby organizations consider the wellbeing of the public by taking responsibility for the effect of their actions on all stakeholders; customers, employees, shareholders, communities and the environment in every aspect of their operations. This responsibility is seen to extend beyond the statutory obligation to comply with legislation and sees organizations willingly undertaking additional steps to improve the quality of life for employees and their families as well as for the local community and society at large.
DBQ Social responsibility is an obligation to act for the benefit of society at large. One of the many social responsibilities of a business is to maximize profits but this is not the only social responsibility of business. There are many social responsibilities to take into consideration when striving to expand and maximize your business. Wanting to maximize profit and minimize cost can be perceived as greed but this assumption is wrong. A man with a straight forward mindset , a man that won a nobel prize for his extensive knowledge and studies in business stated that there's one and only one social responsibility of business and that is
So before we go in greater detail on the different perspectives related to social responsibility, one might question the meaning of social responsibility. It is generally agreed that social responsibility is defined as the business obligation to make decisions that benefit societ...
What are three economic stances that a government may have? Describe each of these stances. A neutral stance indicates a balanced economy. In most cases, this stance leads to more tax revenue for the government. Expansionary stance is a stance that implies that the government is spending or allocating more money than it collects. Contractionary stance is a stance that implies that the government is collecting more money that it spends or allocates.
“There is only one and only one social responsibility of business- to use its resources and engage in activities designated to increase its profits so long as it decides to stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud.”
Business law is that body of law that governs business and commerce, such as regulating corporate contracts, hiring practices, and the manufacture and sale of consumer goods. (www.bitpipe.com/tlist/Business-Law.html)
i. The economy is said to be ‘booming’ when demands for certain products and services rise. When demand rises, the prices will also increase. Increase in price can boost up the company’s profit. This enables companies to hire more workers thus increasing the numbers of employments. The increase in company’s profit also allows employers to raise the employees’ wages. When companies have more workers, they would be able to produce more products. Overtime, these outputs will then be sold to the people with jobs at a higher price because of the scarce amount of resources available.
Business must ensure that they are up to date with the current laws and that they
William O. Douglas said, "Common sense often makes good law." Well that is what laws essentially are, rules and regulations that make sure common sense is followed. One could even say that laws are enforced ethics. Laws serve several roles and functions in business and society, and this paper will discuss those roles and functions.
Corporate Social Responsibility is management’s obligation to protect and promote their stakeholders welfare. Social Responsibility is more than just obvious ethical issues like honesty and integrity in business dealings.
“Social responsibility is the responsibility of an organisation for the impacts of its decisions and activities on society and the environment, through transparent and ethical behaviour that:
However, there can be more definitions about what Corporate Social Responsibility can be. For example, Corporate Social Responsibility can be the commitment which is continuing for a business to behave ethically and bring to economy the development to improve the workforces’ of the whole society and local community and their families’ quality of life. Corporate Social Responsibility is also known as the obligation of a company to serve the society’s interest and of course its own. With the help of the Corporate and Social Responsibility, social and environmental concerns companies can integrate into their business and stakeholders operations.
A company has an economic obligation. It must earn a favorable return for its stockholders in the restrictions of the law. But, corporate social responsibility means that organizations have also ethical and societal responsibilities that go past their economic responsibilities. CSR needs organizations to develop their documentations of their responsibilities to include other stakeholders such as workers, customers, suppliers, local societies, state governments, international organizations, etc. Ethics could be seen as a fundamental component of individual and group activities at the heart of organizations’ errands.
Legal factors involve the laws that a firm has to abide by, i.e consumer laws, employee laws…Understanding the varying laws and regulations in a given region of operation is critical to avoiding unnecessary legal costs.