1. Social Responsibility of Business

Social responsibility of business refers to the obligation of a business to contribute positively to society, beyond just maximizing profits. This includes ethical behavior towards stakeholders (employees, customers, shareholders, community), environmental protection, and contributing to social welfare. Businesses in India are increasingly adopting CSR (Corporate Social Responsibility) practices to address societal needs and build a positive brand image.

2. Business Ethics

Business ethics deals with moral principles and values that guide business behavior. It involves making decisions that are fair, honest, and just, even when not legally mandated. Ethical conduct builds trust with customers, employees, and the public, contributing to long-term sustainability and reputation. Areas of ethical concern include fair competition, responsible advertising, employee treatment, and environmental stewardship.