How Does the Economic Model of Social Responsibility Differ from the Socioeconomic

question 98

Essay

How does the economic model of social responsibility differ from the socioeconomic model of social responsibility?

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Definitions:

Competitive Return

The earning or return that an investment generates, over and above the risk-free rate, due to its competitive advantage.

Economic Profit

The difference between total revenue and total cost, including both explicit and implicit costs.

Investment

The allocation of resources, usually financial, into assets with the expectation of generating income or profit in the future.

Economic Rent

A return on an asset or payment to a factor of production in excess of what's necessary to keep it in its current use.