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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

Overall, would it be more profitable for a business to follow the economic model or the socioeconomic model of social responsibility?

Summary Introduction

To determine: Whether it be more profitable for a business to follow the economic model or the socioeconomic model of social responsibility.

Introduction: Social responsibility alludes to the business morals idea of being responsible for affecting society and culture. Morals values play a significant part in the modern period of business. Most organizations have unique preparing, workshops, and even a different division to build up corporate guidelines and arrangements of morals and ethical quality.

Explanation

The following reasons suggest whether it be more profitable for a business to follow the economic model or the socioeconomic model of social responsibility:

The economic model in the short run would be more beneficial since the attention is on revenues and not on social responsibility. The socioeconomic model in the long run would be more cost-effective...

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