Business Ethics and Social Responsibility

The video explores business ethics and social responsibility, defining business ethics as moral principles guiding ethical behavior in business. It emphasizes the importance of integrity, honesty, and respect for stakeholders. Social responsibility extends beyond ethics, focusing on businesses' broader societal obligations, including environmental responsibility and community engagement. The video contrasts the shareholder model, which prioritizes profit, with the stakeholder model, which considers the impact on all stakeholders. The shift from shareholder to stakeholder models reflects society's evolving expectations of businesses.

What are the two main concepts discussed in the introduction of the video?

• Business Ethics and Corporate Governance

• Corporate Social Responsibility and Environmental Ethics

• Business Ethics and Social Responsibility

• Corporate Governance and Social Responsibility

Which of the following best describes business ethics?

• A set of rules for financial success

• Moral principles guiding ethical behavior in business

• Strategies for increasing market share

• Techniques for reducing operational costs

What is a key aspect of social responsibility discussed in the video?

• Maximizing shareholder profits

• Minimizing environmental impact

• Increasing employee salaries

• Expanding market reach

How do business ethics and social responsibility relate to each other?

• They are unrelated concepts

• Social responsibility is a subset of business ethics

• Business ethics is a subset of social responsibility

• They complement each other in responsible decision-making

What is one of the benefits of embracing business ethics and social responsibility?

• Increased operational costs

• Enhanced reputation and trust

• Decreased market competition

• Reduced employee engagement

What was the focus of the shareholder model of social responsibility?

• Generating profit for shareholders

• Maximizing community engagement

• Enhancing employee satisfaction

• Reducing environmental impact

Which economist popularized the shareholder model of social responsibility?

• Milton Friedman

• John Maynard Keynes

• Adam Smith

• Paul Samuelson

What is the main expectation of businesses in the stakeholder model?

• To focus solely on profit generation

• To consider the impact on all stakeholders

• To prioritize environmental sustainability

• To enhance employee benefits

Which model of social responsibility focuses on broader societal impact?

• Stakeholder model

• Shareholder model

• Corporate governance model

• Profit maximization model

What shift in societal expectations of businesses is discussed in the video?

• From stakeholder to shareholder model

• From profit focus to broader societal impact

• From environmental focus to profit maximization

• From community engagement to cost reduction