IB Business And Management Standard Level (SL) Practice Exam

Social responsibility means a company recognizes its duty to act ethically and to consider the interests of all stakeholders, not just shareholders or regulations. The description—being concerned with the general public’s well-being and making ethical choices that address the needs of employees, customers, communities, and the environment—fits this broad obligation to society. Public welfare is a general idea of well-being and isn’t a specific business term. Corporate citizenship refers to a company’s status and role as a responsible member of society and can be related but is more about position and participation than the ethical stance itself. Community involvement focuses on activities in the local area rather than an overarching commitment to ethical conduct toward all stakeholders.