Week7 Class flashcard: Importance of businesses in Society

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What is the primary role of businesses in society?

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To create and distribute goods and services

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How do businesses contribute to economic growth?

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By generating income and creating jobs

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Which of the following is a social responsibility of businesses? A. Maximizing profits at all costs B. Avoiding regulations C. Reducing environmental harm D. Outsourcing jobs to other countries

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Reducing environmental harm

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Why is innovation important in business?

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It enables businesses to meet changing societal needs.

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What is one way businesses can support communities?

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By offering employment opportunities.

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Which of the following is an ethical responsibility of a business? A. Exploiting workers for profit B. Ensuring fair wages and working conditions C. Hiding information from consumers D. Overcharging customers

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Ensuring fair wages and working conditions

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What role do businesses play in promoting innovation?

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Businesses invest in research and development.

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Which of these actions demonstrates corporate social responsibility (CSR)? A. Donating a portion of profits to local charities B. Maximizing profits without regard to ethics C. Focusing exclusively on shareholder returns D. Exploiting natural resources irresponsibly

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Donating a portion of profits to local charities

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How do businesses impact the quality of life in society?

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By producing goods and services that meet people's needs

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What is a key benefit of businesses engaging in sustainable practices?

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Positive brand image and long-term societal benefits