Discuss the Four Fundamental Social Responsibilities of a Business

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The Answer is The four fundamental social responsibilities of a business are economic, legal, ethical, and philanthropic.

1. Economic Responsibility: This refers to the primary responsibility of a business to make a profit and contribute to the overall economic development of society. This includes creating jobs, generating income, and providing goods and services that meet the needs and wants of consumers.

2. Legal Responsibility: Businesses are expected to operate within the boundaries of the law and comply with all relevant regulations and legislation. This includes adhering to labor laws, environmental regulations, and consumer protection laws.

3. Ethical Responsibility: Businesses have a responsibility to conduct their operations in an ethical manner, which means making decisions that are fair, honest, and respectful of all stakeholders. This includes treating employees, customers, and suppliers with integrity and fairness, as well as being transparent in their business practices.

4. Philanthropic Responsibility: This refers to the voluntary actions that a business takes to give back to the community and contribute to social causes. This can include charitable donations, volunteer work, and initiatives to support education, healthcare, and environmental sustainability.

Overall, these four social responsibilities form the foundation of a business's role in society and its obligation to contribute to the well-being of the community in which it operates.

Discuss the Four Fundamental Social Responsibilities of a Business

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Discuss the Four Fundamental Social Responsibilities of a Business

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Correct Answer:
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