Importance Of Business To Society

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A business (also known as enterprise or firm) is an organization engaged in the trade of goods, services, or both to consumers.[1] Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit or state-owned.(Wikipedia) 1) Violation of profit maximization: This is the essence of the classical viewpoint. Business is most socially responsible when it attends strictly to its economic interests and leaves other activities to other institutions. 2) Dilution of purpose: The pursuit of social goals dilutes business’s primary purpose: economic productivity. Society may suffer as both economic and social goals…show more content…
Consumers can obtain goods and services that can't grow, raise, manufacture themselves or do for themselves. Providers can make reasonable return and thing can be mutually good for all till these events happen: consumer becomes too dependent or non self-sufficient, advertising becomes as bad as Marx predicted, Government takes more than services provided or pass laws to aid…show more content…
The value and ethical standards that a company adopts are the long-term assets of the organization. There are a number of tasks that a business has to fulfill to the society. These include the financial task, political task, environment task, adaptive task, economic task, and social tasks. Financial tasks include laying down policies and guidelines for the proper functioning of the financial systems. The environmental tasks include the responsibility of an organization towards the environment. With the perceptions of the consumers changing towards products that are harmful to the environment, companies have to show their concern for the environment by producing environmentally friendly products. The maintenance tasks include the involvement of organizations with non-profit organizations in providing service to the
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