In business ethics, what does "social responsibility" imply?

In business ethics, "social responsibility" refers to the idea that businesses have an obligation to consider the broader effects of their actions on society and the environment. This means that companies should be accountable for the impacts they have beyond merely generating profits. This includes steering their operations in a manner that is ethical, sustainable, and fair to all stakeholders, including employees, customers, communities, and the environment.

The concept encourages businesses to engage in practices that contribute positively to society, such as reducing pollution, engaging in fair labor practices, supporting community initiatives, and ensuring transparency in their operations. By embracing social responsibility, companies not only enhance their reputation but also foster trust and reliability among consumers, which can lead to long-term profitability and success.

The other options provided focus on narrower, often detrimental approaches to business practice, such as ignoring societal impacts or prioritizing profit without considering responsibility towards stakeholders, which conflicts with the principles of social responsibility.