Social responsibility also has an element of ................ action on the part of the business person who may feel free to perform or not to perform such responsibilities.

Voluntary

The correct answer is option 2- Voluntary.

The very concept of social responsibility implies that it is essentially an ethical issue, since it involves the question of what is morally right or wrong in relation to the firm’s responsibilities. Social responsibility also has an element of voluntary action on the part of the business person who may feel free to perform or not to perform such responsibilities. They may also exercise their freedom for deciding the extent to which they would like to serve various sections of society. In fact, all business people do not feel equally responsible towards society. There has been a debate, for some time now whether business should assume social responsibilities or not. Some people strongly believe that a firm’s only social responsibility is towards its owners. Some others, however, hold an opposite view and argue that the firm has a social responsibility to serve all sections of society that are affected by its decisions and actions.