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In Scenario 3-1, which level of the social responsibility pyramid would Milton Friedman maintain Betty should be most concerned with?
A) economic responsibility
B) legal obligations
C) ethical responsibility
D) philanthropic goodwill
Social Responsibility Pyramid
A framework suggesting that businesses are responsible to their stakeholders in a hierarchical manner, starting from economic, legal, ethical, to philanthropic responsibilities.
Milton Friedman
was an American economist known for his strong belief in free-market capitalism and for being a leading proponent of monetarism.
Economic Responsibility
Refers to the duty of organizations to make decisions that benefit the financial health of both the company and the wider economy.
- Appreciate the essence of social responsibility and its multiple layers in the realm of business operations.
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Learning Objectives
- Appreciate the essence of social responsibility and its multiple layers in the realm of business operations.
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