The Hierarchy of Total Corporate Social Responsibility (From Most Basic

question 116

True/False

The hierarchy of total corporate social responsibility (from most basic to most important)is considered to be the following: economic responsibility,ethical responsibility,legal responsibility,discretionary responsibility.

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Definitions:

Comparative Advantage

The ability of a country or entity to produce a specific good or service at a lower opportunity cost than others.

World Price

It indicates the global market price of a good or service, established through the interaction of supply and demand across international borders.

Domestic Price

The price of a good or service within a country, influenced by local demand and supply among other factors.

International Trade Theory

encompasses the concepts and principles explaining the exchange of goods, services, and capital across national borders, focusing on patterns, benefits, and effects of trade.