Discuss the social responsibility of business.
The social responsibilities of business in the light of current changing social and economic thinking are discussed below:
1. Establishment and expansion of industry:
Humans are social creatures. Therefore, the main task of the business is to make arrangements for the production and provision of services for the people to live in society. Establishment and expansion of factories required for the production of goods or services. For this purpose, it is necessary not only to set up a factory for the production of consumer goods, but also to establish a business for the production of capital goods.
2. Creation of employment:
The industry creates employment by expanding trade and commerce. As a result, unemployment is reduced and the quality of life of the people improves.
3. Assistance in spreading education and culture:
Business should be sought for the betterment of education and culture of the people at all levels of the country. This will provide skilled labor at affordable prices and will also alleviate the unemployment problem. There is an urgent need to improve the education and culture of the people of the country. Population growth slows down due to the spread of education and culture.
4. Expansion of trade and commerce:
The purpose of commerce is to be engaged in the exchange of goods and services. And the job of the trade is to buy and sell. In order for both to work smoothly, the business needs to overcome personal, spatial, temporal, and risk barriers. Expansion of both trade and commerce is required for this purpose. Business expands trade and commerce and maintains balance between production and consumption.
5. Modernization of production and distribution system:
There are still many factories in the country where production is done in the traditional way. As a result, the amount of production is less and the quality of the product is also lower. Using modern equipment and technology instead of all these equipment will reduce the production cost and also increase the quality of the product. In addition, modernization of transport and communication systems is also required to improve the distribution system.
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