RESPONSIBILITY IN ECONOMIC ACTIVITY

Abstract

The article is dedicated to an in-depth analysis of responsibility in economic activity, which is a fundamental component in regulating economic relations within the modern business environment. The paper examines the essence and specific features of various types of responsibility for business entities, including legal, economic, and ethical aspects. Material, administrative, and criminal responsibilities are key elements applied to entities in cases of legal violations or contractual breaches. Special attention is given to the consequences of failing to fulfill obligations related to product quality, environmental, and social safety, which are increasingly significant today.

Analyzing responsibility in economic activity, the article focuses on legal, financial, and material aspects, as well as the environmental and social components, control mechanisms, and risk management practices. It has been found that emphasizing these aspects helps reduce legal and financial risks, ensures company sustainability and competitiveness, and contributes to building a positive reputation.

The relevance of this study is underscored by the need to prevent unfair competition, ensure stable economic development, and create a legal environment that supports fair market operations. The development of corporate responsibility has become crucial due to rising global requirements for social and environmental standards, necessitating companies to implement effective responsibility management practices. Research into corporate responsibility approaches includes developing practices that consider economic and social factors and support sustainable development.

Special attention is given to corporate ethics, particularly integrity in business conduct, transparency in financial reporting, and companies’ social and ethical obligations to society. This approach enhances the trust of partners, consumers, and investors, fostering a positive market environment and promoting economic stability. Thus, companies that uphold principles of responsibility become drivers of sustainable development and create a positive impact on society.