The socioeconomic view is the view that management’s social responsibility goes beyond making profits and includes protecting and improving society’s welfare.
“According to Socioeconomic View of Social Responsibility maximizing profit is the second priority, the first priority is protecting and improving society’s welfare.”
This view refers to the concept that business ought to emphasize not only on profits but also on the impact or effect of its decisions on society.
In today’s business world business organizations are not merely an economic institution, but they are involved in such activities for influencing the political process for the purpose of their benefits. The society also encourages businesses to become engaged in their social, legal, and political environment. Business organizations are not independent entities only responsible to their stockholders. They have their moral responsibility towards the larger society for becoming involved in social, political, and legal issues.
Use of the term in Sentences:
- The professor is discussing the socioeconomic view and its importance in the business class.
- The socioeconomic view encourages business organizations to become socially responsible for social welfare.
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