They cover people and organisations involved in economic activity
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What is a stakeholder?
Anyone with an interest in a business or feels an impact from their actions
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List some internal stakeholders
Employees, managers and owners
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List some external stakeholders
Customers, shareholders, government, community, suppliers and financial institutes
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What is corporate social responsibility?
It involves a business behaving in an ethical way and accepting responsibility for its effects on all its stakeholders, including the wider community and the environment
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Why has CSR become very important?
For ethical reasons, so they have a good reputation and for profit maximisation
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What are government objectives?
To maximise the welfare of society as a whole, but what they do to benefit one group may cause problems for others
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What are the owners objectives?
Profit maximisation
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What are the employees objectives?
Maximise personal and economic well being
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Other cards in this set
Card 2
Front
What is a stakeholder?
Back
Anyone with an interest in a business or feels an impact from their actions
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