State with reason, whether the following statement is True or False:
Business organizations have various types of social responsibilities.

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And now we give you the correct answer:

Approved answer

Corporate social responsibility is a type of international private business self-regulation. While once it was possible to describe CSR as an internal organisational policy or a corporate ethic strategy. Social responsibility is the idea that businesses should balance profit making activities with activities that benefit society. It involves developing businesses with a positive relationship to the society in which they operate.

It uses the resources of the society and depends on the society for its functioning. This creates an obligation on the part of business to look after the welfare of society. Social responsibility of business refers to all such duties and obligations of business directed towards the welfare of society.