What are the major differences between the economic model of social responsibility and the socioeconomic model?

Expert Solution

• From the oral history, it is clear that a bussiness is carried to acquire profits by making best products on the basis of demand of the people. The keystone for the economic model of social responsibility is this above tradition.

A number of economic agents defines the complete structure of the socioeconomic model. An economic agent is basically a fixed microstructure defined by some of the economic functions such as credit, resources, consumption amd production etc.

• In the economic model of social responsibility, the company is only concerned about the money and profits.

In the socioeconomic model, the business is considered as a part of the society.

• In the economic model of social responsibility, it is meant that the whole society will be gained better if the company produce highly profitable products that is required by the people in the society.

Socioeconomic model is concerned on the effects of decisions made by the company in the society.

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Rahul Sunny answered 1 month ago

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What are the major differences between the economic model of social responsibility and the socioeconomic model?

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