Question

Assignment: Business Ethics, Social Responsibility and Sustainability Meaning of the following: 1. What is Business ethics? 2. Differentiate what is Social responsibility according to Friedman versus socioeconomic view. 3. What is environmental sustainability? 4. What is the triple bottom line by Elkington?

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Answer 1

1. What is business ethics? Business ethics are a set of guidelines or pre-defined moral principles using which a business is performed including all of its activities and transactions.

2. Differentiate between -

Social responsibility according to Friedman	Socioeconomic view
In his theory, Freidman stated that every business needs to increase its profit which is their social responsibility, the company has no liabilities towards the public or society under the term of social responsibility nut only to serve its stakeholders.	Socioeconomics is a part of social science that studies the impact on social processes due to economic activities. It tries to understand the complex structure of modern societies.

3. What is environmental sustainability?

The ease with which we are utilizing the natural resources at present does with the same ease the future generation could use the resources is what the idea behind environment sustainability case. There are different issues that make it difficult to believe it could happen and also demand us to step in and try to fix those issues for the betterment of the future generation.

4. What is the triple bottom line by Elkington?

Abbreviated as TBL or 3BL, a triple bottom line is basically an account-related framework that has 3 parts in it namely social, environmental, and financial. Mostly these are practiced by organizations when they want to evaluate their performances for better business value.