What is ethics and social responsibility in business?

Ethics vs. Social Responsibility. While ethics, in general, are concerned with right and wrong, business ethics focus on doing what is best for the shareholders and stakeholders. On the other hand, social responsibility is focused on the company’s impact on the environment and community.Click to see full answer. Thereof, what is ethical and social responsibility?Social responsibility is an ethical theory, in which individuals are accountable for fulfilling their civic duty; the actions of an individual must benefit the whole of society. In this way, there must be a balance between economic growth and the welfare of society and the environment.One may also ask, what are the ethical responsibilities of a business? Ethical responsibilities include the behaviour of the firm that is expected by the society but not codified in law. The factors of ethical responsibility include that the business must be environmentally friendly. The business should always be aware of its activities and how do they affect the environment. Subsequently, one may also ask, what is the difference between business ethics and social responsibility? Social responsibility is more of a policy or an obligation to the community, while business ethics is more of a conscience. Business is focused on profits but with social responsibility. It is still obliged to perform beneficial activities for society, while business ethics should make a positive move for society.What are the social responsibilities of a business?The key ways a company embraces social responsibility includes philanthropy, promoting volunteering, and environmental changes. Companies managing their environmental impact might look to reduce their carbon footprint and limit waste.