Question

Overall, would it be more profitable for a business to follow the economic model or the socioeconomic model of social responsibility?

Answer 1

Answer:

It would be more profitable for business to follow the economic model.

Explanation:

The economic model is the model of business whereby the society doesn't interfere in the production of the company thereby allowing the company to produce very good and profitable products that will benefit the company and the society. the socioeconomic model of social responsibility business model tends to carry along the responsibility of taking care of the society( socio-corporate responsibilities ) along with the production of goods and services by the company.

the economic model of social responsibility is beneficial to the company and the society as well in that the company is allowed to maximize its resources in production and the society will in turn enjoy the good products and the profits that come with it.

Answer 2

The economic model of social responsibility holds that society will benefit most when business is left alone to produce and market profitable products that society needs. Socioeconomic model of social responsibility, which places emphasis not only on profits but also on the impact of business decisions on society.
https://quizlet.com/82572828/chapter-2-business-ethics-social-responsibility-flash-cards/