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Social responsibility is the obligation a business assumes to:Maximize its positive impactMinimize its negative impactHelp to improve societyHelp to solve social problems(1)Society provides conditions for businesses to exist.Social setting including laws,customs,etc.Other social and cultural normsProfessional/technical personnelLaborIt is only right for businesses to serve society’s goals.(2)Businesses are a component of society.As overall social conditions improve,all the components of society-including businesses-will benefit.(3)To be socially responsible also benefits businesses.Customers shun firms thatTurn out inferior or shoddy products;Cheat them out of their money;Pollute the environment;andEngage in unethical practices.(4)A company will make greater profits in the long run if it considers benefits to society.They will find it easier to hire better employees and win more customers.For socially irresponsible businesses,people tend to:Boycott its goods/services;Influencing officials against it;Condemning it in the media;Buy goods/services in other firmsWuConsumerism is the public demand for more protection of the buyer’s rights.The right to safetyProduct safe for intended useExplicit directions for useProperly tested to ensure reliabilityqualityThe right to informationDetailed information about ingredientsInstructions for useThe right to chooseCustomers having access to a variety of products/services at competitive pricesCompetition free to flourishThe right to be heardConsumers’ interests receiving full considerationConsumers able to appeal beyond a company(1)Ethics is the study of morals and moral choices.(2)Business ethics refers to moral principles that define right and wrong behavior in the world of business.(3)Ethics vs. LawWhile many ethical standards are defined by laws,the law does not cover all unethical conduct.Abiding by the law defines a minimum guide for ethical behavior.People’s ethical code is influenced by laws,culture,professionalcodes,and in

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