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Chapter 1: Nature and Scope of Business (Social Responsibility :check:…
Chapter 1: Nature and Scope of Business
Human Activities :star:
Economic activities:
Objective is to earn money
Non economic activities:
Objective is to get satisfaction
Types of Economic activity :star:
Business
Example: Oriental Aromatics
supply of goods and services
Profession
Specialized training and skill
Example: Doctor
Employment
Work done according to employer
Characteristics of business :explode:
deals in good and service
sale of goods and service
requires invesment
aims at earning of profit
risk of uncertainly
regular exchange of good and services
Classify objective of business :explode:
Economic
Profit earning:
Creation of customers
Continuous innovation
Best possible use of resources
Social
Supply good quality products
Fair trade practices
Welfare of society
Human
Economic well being of employees
Social and psychological satisfaction of employees
Development of human resources
Helping the backward people
National
Creation of employment
Promoting social justice
Paying taxes regularly
Global
Raising the standard of living
Reducing difference among nations
Making goods available globally
Social Responsibility :check:
Towards Owners and Investors:
Return on capital
Towards creditors:
make payment timely
Towards employees:
timely payment of wages
Towards suppliers:
timely payment and regular orders
Towards customers:
Reasonable price and good quality products
Towards competitors:
no false advertisements
Towards Government:
Following govt guidelines
Towards society:
Generate employments and protect environment