Which of the following statements best describes social responsibility?
A) The federal government has written laws that require businesses to act in a socially responsible way.
B) Companies that exhibit corporate philanthropy are not acting in a socially responsible way.
C) The four components of the social responsibility pyramid model are equally important.
D) The obligation that a business has to act in a socially responsible way extends beyond shareholders, to include employees, suppliers, consumers, and the community.

Question

Quizplus · Accepted Answer

Social responsibility refers to the obligation that a business has to act in a way that benefits society as a whole. This obligation extends beyond the interests of shareholders and includes the well-being of employees, suppliers, consumers, and the community. While there are laws that regulate business activities, social responsibility goes beyond legal compliance and encourages businesses to contribute to the greater good. Corporate philanthropy is one way that businesses can act in a socially responsible way, but it is not the only way. The social responsibility pyramid model includes four components (economic, legal, ethical, and philanthropic), but they are not necessarily equal in importance, as some may argue that ethical considerations should take priority over economic concerns.

Which of the Following Statements Best Describes Social Responsibility