What are the various methods used by humans to fulfill their needs, perform economic activities and maintaining societal responsibilities? Explain in detail.
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Social responsibility is the duty of organizations and individuals to act in ways that benefit society and/or the environment.
Key Points
Corporate social responsibility is the expectation that a firm maintain a balance between making a profit and contributing to society.
Socially responsible entities are conscious of the tradeoff between economic development and the welfare of society and the environment. They therefore refrain from socially harmful practices and contribute to activities that are socially beneficial.
Companies can demonstrate social responsibility in a variety of ways, such as donating funds to education, arts, culture, and underprivileged children.
Key Terms
social responsibility: A voluntarily assumed obligation toward the good of society at large as opposed to the self alone.
not-for-profit: A company or organization that is not meant to make a profit.
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