Describe the Three Major Concepts of Social Responsibility

question 33

Essay

Describe the three major concepts of social responsibility.

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Definitions:

Utility Functions

Mathematical representations indicating the relationship between a consumer's utility and the consumption of various goods.

Moral Obligation

A duty which one owes, and which one ought to perform, but which is not legally enforceable.

Unregulated Industry

An industry or sector that operates without significant government rules, restrictions, or oversight, often leading to a free market scenario.

Produce

To create or manufacture goods and services through the process of combining labor, materials, and technology.