Unit 1.3.7 Corporate Social Responsibility

Question 1

Corporate social responsibility (CSR)

Answer 1

• The ethical conduct of a business beyond legal obligations
• The consideration of social, economic + environmental impacts when making business decisions

Question 2

Triple bottom line

Answer 2

• The economic performance (financial position of the company)
• The social aspects of the business
• The environmental performance

Question 3

Ways for a business to ensure they are being socially responsible

Answer 3

• Minimise waste + pollution
• Develop the skills of employees
• Deal with employees honestly + fairly

Question 4

Environmental sustainability

Answer 4

• Making an effort
• To ensure natural resources are not permanently depleted/damaged
• By business activities

Question 5

Philanthropy

Answer 5

• An active effort
• To promote the well-being of others
• Such as donating money to charity

Question 6

Ways businesses can plan to implement CSR

Answer 6

Businesses could plan to:
- Sourcing resources from local suppliers instead of overseas
- Produce goods + services that are beneficial for society
- Devote a portion of profits to offering employees paid volunteer time