Societal Responsibility Refers to

question 157

Multiple Choice

Societal responsibility refers to

• A) the obligation that organizations have to the preservation of the ecological environment and the general public.
• B) the obligation of a firm to price its products or services at a level whereby the consumer is treated fairly and the firm is still able to make a profit.
• C) the view that an organization has an obligation to those who can affect the achievement of its objectives.
• D) the duty of a firm to maximize profits for its owners or stockholders.
• E) the idea that organizations are part of a larger society and are accountable to that society for their actions.

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Definitions:

Law Eliminating Holidays

A hypothetical regulation that would remove public holidays from legal recognition, potentially affecting work schedules and compensation.

Leisure

Time spent away from business, work, job hunting, domestic chores, and education, as well as necessary activities such as eating and sleeping.

GDP

Gross Domestic Product is the aggregate value, in terms of money or market price, of all end products and services generated within the confines of a country during a certain period.

Socioeconomic Variables

Characteristics that define the social and economic factors of individuals or groups, such as income, education, and occupation.