Question

The term _____ refers to a business's obligation to maximize its positive impact and minimize its negative impact on society.

Answer 1

The term Social responsibility refers to a business's obligation to

maximize its positive impact and minimize its negative impact on society.

What is the role of social responsibility in Business?

• Social responsibility means that businesses, in addition to maximizing shareholder value, must act in a manner benefiting society, not just the bottom line.
• Social responsibility has become increasingly important to investors and consumers who seek investments that not only are profitable but also contribute to the welfare of society and the environment.
• While critics have traditionally argued that the basic nature of business does not consider society as a stakeholder, younger generations are embracing social responsibility and driving change.

Extra keywords for social responsibility:

• Social responsibility means that besides maximizing shareholder value, businesses should operate in a way that benefits society.
• Socially responsible companies should adopt policies that promote the well-being of society and the environment while lessening negative impacts on them.
• Companies can act responsibly in many ways, such as by promoting volunteering, making changes that benefit the environment, engaging in ethical labor practices, and engaging in charitable giving.
• Consumers are more actively looking to buy goods and services from socially responsible companies, hence impacting their profitability.
• Critics assert that practicing social responsibility is the opposite of why businesses exist.

To learn more about Social responsibility, refer

to brainly.com/question/25922327

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