For a Business to Be Seen as Socially Responsible, the Business

question 35

Multiple Choice

For a business to be seen as socially responsible, the business must:

• A)assess the social costs and benefits of the actions it takes.
• B)develop and implement policies and practices in the area of social responsibility.
• C)ensure the media is aware that it takes social responsibility seriously, even though there may be no real indicators.
• D)Both A and B.

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Definitions:

Allocation of Resources

The process of distributing scarce resources among various uses or activities in a way that maximizes the achievement of objectives.

Production Possibilities Curve

A visual diagram displaying the highest achievable production combinations of two products or services within an economy, assuming all resources are used completely and effectively.

Consumer Goods

Products that are purchased by consumers for personal or household use, as opposed to goods used by businesses to produce other goods.

Capital Goods

Long-lasting goods acquired or manufactured by a business that are used in the production of other goods or services, rather than being sold to consumers.