Quick Answer: What Are Three Business Responsibilities?

What is the ethical responsibility of a business?

Ethical Responsibility Ethical responsibilities include the behaviour of the firm that is expected by the society but not codified in law.

The factors of ethical responsibility include that the business must be environmentally friendly.

It is the moral and ethical responsibility of every human and every business..

What are the main features of Consumer Protection Act?

The Salient Features of the Act are as under: (i) The Act provides for establishing three-tier consumer dispute redressal machinery at the national, state and district levels. (ii) It applies to all goods and services. (iii) It covers all sectors, whether private, public or any person.

What are the responsibilities of business in their corporate decisions?

1. Responsibility to Shareholders: In the context of good corporate governance, a corporate enterprise must recognise the rights of shareholders and protect their interests. … Its special responsibility is that in its efforts to increase profits or shareholders’ value it should not pollute the environment.

What responsibility does Businesses have to society?

The role of a business is to produce and distribute goods and services to satisfy a public need or demand. … Society does not exist without some form of an economy, and businesses are what make up the economic system of the world.

What are business responsibilities?

Businesses are responsible to employees. … Businesses also have a responsibility to customers to provide good, safe products and services. Organizations are responsible to the general public to be good corporate citizens. Firms must help protect the environment and provide a good place to work.

What are 3 consumer responsibilities?

Five consumer responsibilities include staying informed, reading and following instructions, using products and services properly, speaking out against wrongdoing and lawfully purchasing goods and services.Inform Yourself Before Purchasing. … Read and Follow Instructions. … Use Products and Services Property.More items…

What are the four key responsibilities of business?

Below are the four social responsibilities of a business:Economic responsibility of a business. … Legal responsibility of a business. … Ethical responsibility of a business. … Philanthropic responsibility of a business.

What is the most important responsibility of a business?

The first and most important responsibility of a business should be towards the shareholders or the owners who have invested money. … The shareholders expect dividends and appreciation in the value of shares, which depends upon the company’s performance.

What are the 8 basic rights of consumers?

The eight consumer rights are: Right to basic needs, Right to safety, Right to information, Right to choose, Right to representation, Right to redress, Right to consumer education, and Right to healthy environment.

What social responsibilities do businesses have?

What is Social Responsibility in Business? Social responsibility in business, also known as corporate social responsibility (CSR), pertains to people and organizations behaving and conducting business ethically and with sensitivity towards social, cultural, economic, and environmental issues.

What are the rights and responsibilities of a business?

What are the Rights & Responsibilities of Businesses?Decision making.Make changes in business strategies.Adopt any business strategy you like.No limit on capital investment.Right to refuse to provide services.

What are the responsibilities of a consumer?

Consumer Rights and ResponsibilitiesRight to safety.Right to choose.Right to be informed.Right to consumer education.Right to be heard.Right to Seek redressal.Consumer Protection Act.

Legal responsibility is the right to have and to make decisions concerning the day-to-day care welfare and development of a child. … they agree that one parent should have greater or sole responsibility, or. a court makes an order that changes their responsibility in a particular matter.

What are the 7 consumer rights and responsibilities?

Consumers are protected by the Consumer Bill of Rights. The bill states that consumers have the right to be informed, the right to choose, the right to safety, the right to be heard, the right to have problems corrected, the right to consumer education, and the right to service.

What are the responsibilities of a business owner?

In general, business owners are responsible for the growth, stability, direction and daily operation of the business. Additional job duties for a typical business owner include: Meeting with service vendors or product suppliers to facilitate delivery. Make buying trips to purchase inventory.