Which of the following statements is true of the fundamental social responsibilities of a business?
A)In order to survive, a firm must primarily focus on fulfilling its ethical responsibility over other responsibilities.
B)In order to thrive and grow, a firm must prioritize its philanthropic responsibility above all other responsibilities.
C)Firms must fill their ethical responsibilities only in limited and specific ways that conform to the legal statutes in that country.
D)Philanthropic responsibility of a firm only appears as an obligation if the firm is viewed as an active member and contributing citizen of the community in which it operates.

Question

Quizplus · Accepted Answer

The fundamental social responsibility of a business includes economic, legal, ethical, and philanthropic responsibilities. Philanthropic responsibility is not a mandatory obligation, but it becomes an obligation only if the firm is viewed as an active member and contributing citizen of the community in which it operates. Economic responsibility is the most crucial responsibility for a firm's survival and growth, while ethical responsibility requires fulfilling the firm's social obligations that go beyond legal requirements. Legal responsibility is a minimal responsibility that requires firms to operate within the legal framework of the country.

Which of the Following Statements Is True of the Fundamental