Explain the following term/concept.

1) Social responsibility
Ans : Social responsibility of business refers to its obligation to make those decisions and perform those actions which are desirable in terms of the objectives and values of our society. So, all the activities of the business should be performed in such a manner that they will not harm any part of society rather they will protect and contribute to the interest of society.

2) Concept of Trusteeship
Ans : Trusteeship is a socioeconomic philosophy that was propounded by Mahatma Gandhi. It provides a means by which the wealthy people would be the trustees of trusts that looked after the welfare of the people in general. Businessmen are considered to be trustworthy in society.

3) Business ethics
Ans :The word ‘Ethics’ is derived from the Greek word ‘Ethos’ which means character. Ethics means the set of rules and principles that the organization should follow while the business ethics refer to a code of conduct that businesses are expected to fo1low while doing business.

4) Moral Values
Ans :Moral values are based on perceptions of right and wrong whereas social values may also include ideas about things being socially acceptable. Social values are often based on tradition, ego, honesty, integrity fairness, hard work, cooperation, forgiveness, never hurt anyone, etc.

5) Social values
Ans :Social values form an important part of the culture of the society. They provide general guidelines for social conduct. Values such as fundamental rights, patriotism, respect for human dignity, rationality, sacrifice, equality, democracy, etc. influence our behavior in many ways.