NCERT Solutions for Class 11 Business Studies Chapter 6 by Extramarks include detailed answers to the questions given in NCERT Chapter 6 textbook. These resources can be accessed and used by students for their preparations and for getting an idea of how they should structure their answers in the final exams. The solutions are prepared by subject matter experts, include detailed explanations with proper examples and diagrams wherever required, and are written in an easy-to-understand language.
Class 11 NCERT Solutions Business Studies – Chapter 6
In order to ace their final exams, Students must attempt all the questions given at the end of chapters of their NCERT textbooks because most of the time, questions asked in final exams are similar in nature to the questions given in NCERT textbooks. For reference, students can use the solutions prepared by Extramarks.
NCERT Solution For Class 11 Business Studies Chapter 6 – Social Responsibilities of Business and Business Ethics
Chapter 6 of Class 11 Business Studies NCERT textbook discusses the social responsibilities of businesses. It talks about how businesses should not just focus on maximising profits but also consider the impact of their decisions on the society at large and on other stakeholders in the company including their employees, customers, suppliers, etc. The important topics covered in the chapter include Corporate Social Responsibility (CSR), the arguments for social responsibility, kinds of social responsibility, the impact of businesses on the environment, and Business ethics.
Business Ethics
Company ethics is the knowledge of suitable business tactics and practises concerning potentially controversial problems, such as corporate governance, internal trading, discrimination, CSR, and fiduciary obligations, according to Class 11 Business Studies Chapter 6 answers. Commercial ethics provide a basic guideline that companies might prefer to follow to gain public favour. The law normally guides business integrity, but at times business ethics provide a basic guideline that firms can prefer to follow to gain public approval.
Business ethics ensures that customers and other market participants have a fundamental degree of confidence in businesses. A portfolio manager, for example, must evaluate the portfolios of family members and small individual investors in the same way. These types of procedures ensure that the general population is treated fairly.
The concept of business ethics emerged in the 1960s, when businesses grew more conscious of a growing consumer-based culture that expressed concerns about the environment, social issues, and corporate responsibility.
The last ten years have been marked by a greater emphasis on so-called social issues. The concept of corporate ethics has evolved since that time. Business ethics is more than just an ethical notion of right and wrong; it aims to reconcile what corporations must do legally with maintaining a competitive advantage over competitors.
Social Responsibilities of Businesses
The term “corporate social responsibility” refers to a company’s management’s obligations to protect society’s interests. The NCERT solutions to Chapter 6 of Class 11 Business Studies explains how, according to the concept of social responsibility, managers’ goal in making business decisions isn’t just to maximise profits or shareholder value, but also to serve and protect the interests of other members of society such as workers, consumers, and the community as a whole. It should be mentioned that certain Indian sociologists and economists link the Gandhian concept of trusteeship to the concept of social responsibility in business.
In accordance with Gandhi, the capitalist class holds money or capital as trustees of the society, according to Class 11 Business Studies Chapter 6. According to him, the resources and capital they utilise to produce products and services should not be used to maximise profits for individuals, but rather for the greater good of society.
How can Extramarks guide you with NCERT Solutions?
The solutions provided by Extramarks are prepared by subject matter experts, which is why students can rely on the accuracy of these answers. With Extramarks solutions, students will be able to better prepare themselves for final exams and these solutions will also help them in grasping the concepts covered in the chapters better through detailed answers provided. The solutions are written in easy to understand language and have been prepared keeping in mind CBSE guidelines and best practices for writing answers. This will help students understand how to better frame their answers in final exams.
Concepts covered in this chapter –
- Social Responsibility
- Need for social responsibilities
- The case against social responsibility
- Reality of social responsibility
- Kinds of social responsibilities
- Social responsibility towards different interest groups
- Business and environment pollution
- Role of business in environmental protection
- Business ethics
- Elements of business ethics
Solved Examples
Social Responsibility of Business is
- Similar to legal responsibility
- Broader than legal responsibility
- Narrower than legal responsibility
- None of the above
Solution: (b) Broader than legal responsibility
- If a Company Is to Work in a Society Which Is Filled With Diverse and Complex Problems, It’s Going to Have
- Little chance of success
- Great chance of success
- Little chance of failure
- No relation with success or failure
Solution: (a) Little chance of success