Public Responsibilities of Business

Bill Carmody discusses the public responsibilities of businesses, emphasizing the need to balance economic goals with ethical, environmental, and social duties. He highlights the importance of compliance with laws, ethical behavior, environmental sustainability, consumer protection, economic contribution, and corporate governance. The video stresses the long-term impact of business actions on future generations and the importance of doing well by doing good.

What is the primary focus of businesses when balancing economic objectives with public responsibilities?

• Focusing solely on shareholder returns

• Maximizing profits at all costs

• Ignoring environmental impacts

• Contributing to community well-being and sustainable development

Which of the following is NOT a public responsibility of businesses mentioned in the video?

• Compliance with laws and regulations

• Providing accurate information to consumers

• Maximizing executive bonuses

• Contributing to the economy

Why is ethical behavior important for businesses?

• It ensures long-term profitability

• It allows for more aggressive marketing

• It helps in avoiding taxes

• It considers the impact on stakeholders and the community

What does good corporate governance ensure in a business?

• Increased market share

• Accountability and transparency in operations

• Reduced product quality

• Higher employee turnover

How should businesses view their impact on future generations?

• As a chance to increase short-term profits

• As irrelevant to current operations

• As a responsibility to ensure long-term success

• As an opportunity to exploit resources