Define and explain ethics and social responsibility.

Question

What will be an ideal response?

Answer 1

Answers will vary. Ethics and social responsibility are closely related, but they are definitely not the same. Ethics refers to sets of beliefs about right and wrong, good and bad; business ethics involve the application of these issues in the workplace. Ethics relate to individuals and their day-to-day decision making. The decisions of each individual can affect the entire organization.Social responsibility is the obligation of a business to contribute to society. The most socially responsible firms feature proactive policies that focus on meeting the needs of all their stakeholders-not just investors but also employees, customers, the broader community, and the environment. The stance of a company regarding social responsibility sets the tone for the organization and clearly influences the decisions of individual employees.Ethics and social responsibility, however, have a dynamic, interactive relationship that plays a vital role in building both profitable businesses and a vibrant community.