define social and economic objective of …

The social objectives of a business may be summarised as follows :
1. Production of quality goods : The objective of business is not only to provide goods to the society but also to provide goods and services of high quality. The business should also try to improve the quality of goods and services continuously. A businessman may earn good profit by selling adulterated goods. But he cannot carry on his business for a long time like this as adulterated goods may harm customers and his business in the long run. 
2. To charge fair prices : The social objective of business is not only to provide quality goods to the
society but also at reasonable prices. Undue profits earned by increasing the prices of the goods may not last long.
3. To provide employment : The social objective of business is also to provide employment to the society. With the development of business, the need for employees arises. Thus, the business needs the services of good employees. So, the business provides employment to the society. 
4. To provide regular and fair returns to investors : It is also a social objective of business to provide regular and fair returns to investors. Investors invest money and bear risk. So, the investors must be suitably rewarded.
5. To promote the progress of the society : Business is a part of the society. The society provides regular market for goods and services of the business apart from factors of production. The progress of the business is linked with the progress of the society.

6. To pay taxes on time to the government. 

Economic objective of business:

1. A business is set up with the intention of earning an income and profits. Without profits, people are not inspired to set up business.

2. Customer creation: No business can be set up or flourish with out customers. With suffiicient customers, businesses can earn profits.

3. Innovation: A business can survive only by designing new techniques using innovation. By providing good quality products and services to customers, a business can flourish.