1- Explain why a business should seek to balance its economic, legal and social obligations.
2- Discuss and explain corporate social responsibility.
Expert Answer
Q1) Any business has to balance its economic , legal and social obligations. Economic obligations are making revenues, profits, to cover the costs incurred ,etc. That’s the objective of setting up any business. Business has to be done adhering to governments rules and policies. One might make more money by not following rules but when the same is discovered by government authorities, they would face legal actions and also image of the business would be destroyed.
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