... desire for profit against the needs and desires of society. This concept gives rise to the term called business ethics. In simple words, it can be said that business ethics is the study or the process of principles and standards that guide the expected behaviour in the business world (Ferell, Fraedrich & Ferell 2002, p.6). Social Responsibility Often concepts of ethics and social responsibility are confused with each other, although each has a distinct meaning. Social responsibility is the obligations business assumes towards society. Being socially responsible means carrying out business in a way which will maximise the positive effects and minimise the negative effects on the society. In fact, businesses have few more responsibilities. Economic responsibility requires a business to produce goods and services to meet the needs and wants at a price that can encourage the business and satisfy its obligations to its investors. It emphasises on the fair distribution of ...

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