ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Private sector organisations, such as a local newsagent or large supermarket chain are owned and controlled by private individuals. Their primary aims are to survive and make a profit.

Detailed explanation-2: -Social responsibility means that besides maximizing shareholder value, businesses should operate in a way that benefits society. Socially responsible companies should adopt policies that promote the well-being of society and the environment while lessening negative impacts on them.

Detailed explanation-3: -The purpose of corporate social responsibility is to give back to the community, take part in philanthropic causes, and provide positive social value. Businesses are increasingly turning to CSR to make a difference and build a positive brand around their company.

Detailed explanation-4: -What Are the Benefits of Corporate Social Responsibility? Embracing CSR increases customer retention and loyalty, increases employee engagement, improves brand imaging, attracts investment opportunities and top talent, and makes a difference for bottom-line financials.