Discuss the importance of the BGS field.

What will be an ideal response?

Answer: To succeed in meeting its objectives, a business must be responsive to both its economic and its noneconomic environment. There are powerful nonmarket forces to which many businesses, especially large ones, are exposed. Recognizing that a company operates not only within markets but also within a society is critical. If the society, or one or more powerful elements within it, fails to accept a company's actions, that firm will be punished and constrained. Put philosophically, a basic agreement or social contract exists between economic institutions and other networks of power in a society. This contract establishes the general duties that business must fulfill to retain the support and acquiescence of the others as it organizes people, exploits nature, and moves markets. It is partly expressed in law, but it also resides in social values. The social contract codifies the expectations of society, and managers who ignore, misread, or violate it court disaster