What is the social responsibility of business?

Obligation to take those decisions and perform those actions which are desirable in terms of the objectives and values of our society

The correct answer is option 2- Obligation to take those decisions and perform those actions which are desirable in terms of the objectives and values of our society.

Social responsibility of business refers to its obligation to take those decisions and perform those actions which are desirable in terms of the objectives and values of our society. The assumption of social responsibilities by business enterprises implies that they respect the aspirations of society and would try their best to contribute to the achievement of these aspirations along with their profit interests. This idea is in contrast to the common notion that business exists only for maximising profits for its owners and it is irrelevant to talk of public good. It follows that a responsible business, and indeed any responsible member of society, must act with due concern for the effects on the lives of other people.