. The four types of social responsibility include
A: Legal, philanthropic, economic, and ethical
B: Ethical, moral, social, and economic
C: Philanthropic, justice, economic, and ethical
D: Legal, moral, ethical, and economic
Social responsibility is significant for businesses because it builds trust between the company and society, which leads to more and longer-term customers.
The four types of social responsibility include:
- Legal responsibility means that organizations must obey the law and all regulations established by governmental bodies (national, state, or local).
- Giving money or other resources for charitable purposes is referred to as philanthropy.
- Organizations have a moral obligation, even a duty, to give back to their communities and society through philanthropy, which includes financial contributions
and volunteer efforts directed toward improving the aspects of life in their communities.
- Economic responsibility is associated with the principle that organizations should earn a fair profit by fulfilling their duties to the stakeholders.
- It includes stockholders, workers, buyers, suppliers, and society.
- Ethical responsibility encompasses ethical issues, meaning matters of right and wrong.
- Organizations are required to behave ethically with all their stakeholders. Organizational ethics go beyond obeying the law in that they focus on what is morally correct and good for society.
Final Answer :
Hence the correct answer is option A: Legal, philanthropic, economic, and ethical.