Asked by Jessica Biddle on Jul 04, 2024
Verified
The socio-economic view of social responsibility holds that management's only responsibility in managing a business is to maximize profits.
Socio-Economic View
A perspective that considers both social and economic factors in the analysis of situations.
Maximize Profits
The process of increasing the financial gain a business receives from its operations to the highest possible level.
- Distinguish between different attitudes and plans of action regarding social responsibility in the realm of business.
Verified Answer
LP
Lauren PomerleauJul 10, 2024
Final Answer :
False
Explanation :
The socio-economic view of social responsibility suggests that businesses should not only focus on maximizing profits but also consider the impact of their operations on society and the environment, implying responsibilities beyond just profit-making.
Learning Objectives
- Distinguish between different attitudes and plans of action regarding social responsibility in the realm of business.