Exploring the Functions of Business for Research- myassignmenthelp

Question: Discuss about theExploring the Functions of Business for Research. Answer: According to Milton Friedman, the sole social responsibility of a business is to efficiently use its resources and engage in all the activities that are meant to increase its profits. He continues to explain that as long as an organization plays fair and open events like free competition and following of regularities, then making profits is the only social aim(Friedman, 2007). However, a different message is seen in the module videos whereby a business is given more social responsibilities than just making profits but taking care of the environment around it. Industries have facilitated the increased rates of global warming and climate change due to the disposal of dangerous chemicals and gases(Carroll, 2010). The negative impacts that come with climate change have risen the awareness of proper business practices to ensure that the environment gets a positive impact. Therefore the primary social responsibility enforced on any business operation is to direct their activities towards the betterment of the physical environment and the society at large(Carroll, 2010). I find these two arguments related in a way because Milton Friedman includes the factors of a business obeying the laws of the game in the attempts to make profits. In my understanding, is a business engages in active and fair activities like Friedman suggests, then there is no doubt that they will have an impact on the environment(Friedman, 2007). The issues of pollution and climate change are caused by a business which carelessly releases their wastes, not what Friedman is suggesting. The truth is a business should focus on social activities which build the brand image of their organization and therefore increase their profits in the long run. References Carroll, A. B. (2010). The business case for corporate social responsibility: A review of concepts, research and practice. . International journal of management reviews, , 12(1), 85-105. Friedman, M. (2007). The social responsibility of business is to increase its profits. . Corporate ethics and corporate governance, , 173-178.