Mention and explain five ways in which a business discharges its social responsibilities to the society.

Answer Details

Social responsibility means the duties a business owes to the society in which it operates, beyond merely making profit. A business discharges these responsibilities in the following ways:

1. Provision of quality goods and services at fair prices: The business supplies genuine, safe and standard products at reasonable prices and avoids hoarding, adulteration and cheating of consumers.
2. Creation of employment: By employing members of the community and paying them fair wages, the business raises their standard of living and reduces unemployment in the society.
3. Provision of social amenities: The business helps to provide facilities such as good roads, water, health centres, scholarships and support for schools within its host community.
4. Protection of the environment: The business controls its waste, avoids pollution and keeps its surroundings clean and safe, so that the health of the community is not endangered.
5. Payment of taxes and obeying the law: By paying its taxes promptly and honestly and operating within the law, the business provides revenue that the government uses to develop the society and sets a good example as a responsible citizen.