It aims to increase and regulate trade between the countries through minimizing and eliminating tariffs and duties on products and services. (Foundation)
European Union is an economic and political jointure that consists of 27 of European countries. Established in 1993, it aims to establish a single market through a standardized set of laws that all member countries have to adhere to. The laws mainly come under the domain of trade, fisheries, agriculture and regional development.
Ethics refers to code of principles and values that direct a person’s actions in his personal or business life. It, basically, means knowing the difference between what is right and what is wrong and then choosing the right way to do things.
Social responsibility refers to an ethical ideology that says that any individual or organization has an obligation to the society. Any individual, company, or country should act in a way that inflicts the least amount of harm or damage to its environment and must take steps that are beneficial to the society as a whole.
The main purpose of any business is to maximize gains and minimize losses. In a non-profit-organization, however, these gains are not monetary. Nonetheless, the sole purpose of the existence of any business is to make profits. Therefore, this should be given highest priority.
However, it is also the firm’s responsibility to abide by the particular state’s rules and regulations, standard, and moral obligations as well. Failure to do so, in the long run, affects the very purpose of the firm i.e. making profits. Therefore, the firm should not only be focused on making profits and should adapt its offerings and procedures to the regulations and other moral obligations even if that translates into some additional costs and compromise on the profits.
The creditors – all lenders such as banks, shareholders, investors, etc. must be paid back or