what is the difference between economic objectives and social objectives of business? Briefly explain the economic objectives of business.

Dear student, 

Economic objective of business refers to the main objective of earning profit by the business. On the other hand, social objective of business refers to the main objective of working towards the society at large. 

The following are the economic objectives of business:

• Earning profit: This is the main objective of business. Profit is the reward for the businessmen to undertake the risks. 
• Survival: Business must aim to survive in the market in the long run. This is done by giving due consideration to competition, consumer needs, government regulation, etc. 
• Growth and development: Another objective of business is to grow and develop continuously so as to gain greater market share and earn greater profits.