Question

If a firm's business activities do not result in profit maximization, whilst alternatives exist, then such activities amount to irresponsible actions. Discuss any five sets of economic responsibilities firms must embrace to ensure the protection and enhancement of the business.

Answer 1

Explanation:

For a company to remain profitable and competitive in the market, it must build a solid and positive positioning that guarantees itself and its stakeholders reliability and competence.

For this, some practices must be adopted in all its internal and external processes. Can be:

1. Compliance with local legislation.
2. Development of policies that promote ethical behavior .
3. Development of social programs .
4. Environmental management focused on minimizing environmental impacts.
5. Transparency in accounting results.

The company must institute social and environmental policies and practices since its strategic planning, as currently at a level of global competitiveness, companies are responsible for developing corporate governance with a focus on helping to promote good practices that assist in the development of society and preserving the environment. Having positive values ​​builds a positioning that increases the reliability of the company's processes and ensures the continuous improvement of the processes, the reduction of waste, the attraction of investors, etc.