ECONOMICS

Detailed explanation-1: -Social responsibility is an ethical theory in which individuals are accountable for fulfilling their civic duty, and the actions of an individual must benefit the whole of society. In this way, there must be a balance between economic growth and the welfare of society and the environment.

Detailed explanation-2: -Economic Responsibility CSR initiatives enable firms and businesses to positively connect with communities at all levels of society. CSR benefits more than just communities. It also gives businesses with new and diverse options, which are frequently mutually beneficial to both enterprises and the community.

Detailed explanation-3: -Social responsibility is linked to personal accountability and refers to the attitudes of responsible citizens and organisations that consider the impacts of their actions on the wider community.

Detailed explanation-4: -Social responsibility works as a platform for companies and consumers alike to make a positive impact on local and global communities. Businesses that implement a social responsibility initiative that’s in line with their values have the opportunity to increase customer retention and loyalty.

Detailed explanation-5: -CSR is generally categorized in four ways: environmental responsibility, ethical/human rights responsibility, philanthropic responsibility and economic responsibility.