Costs And Benefits Of Meeting Social And Enviromental Responsibilities

Question 1

What is a disadvantage for businesses regarding environmental responsibility?

Answer 1

Higher operational costs

Question 2

What can happen if a business damages the environment?

Answer 2

It risks severe damage to its reputation, leading to consumer boycotts and loss of customer trust

Question 3

What can increased environmental responsibility result in for businesses?

Answer 3

Increased regulation and compliance costs, and potential fines for non-compliance

Question 4

What is one effect of being a socially responsible business?

Answer 4

Higher wages, often above legal minimums, and better working conditions

Question 5

How do socially responsible businesses increase their manufacturing costs?

Answer 5

By using recyclable and non-polluting materials, and investing in eco-friendly machinery

Question 6

Why do socially responsible businesses pay higher material costs?

Answer 6

Because they pay fair prices for ethically sourced materials, supporting suppliers and communities

Question 7

What is a benefit of adhering to ethical business practices?

Answer 7

Lower legal fees due to reduced risk of lawsuits

Question 8

How can socially responsible businesses avoid costly legal issues?

Answer 8

By avoiding illegal activities, like Volkswagen’s emissions cheating scandal