Which concept involves businesses taking responsibility for their impact on society and the environment?

The concept that involves businesses taking responsibility for their impact on society and the environment is Corporate Social Responsibility (CSR). This approach emphasizes that companies should not only focus on financial profits but also consider their role in the community and the environment. CSR includes various practices, such as philanthropy, volunteer efforts, and sustainable business practices, which contribute to social well-being and environmental protection.

By adopting CSR, businesses acknowledge their obligation to act ethically, promote social equity, and limit negative environmental impacts, aligning their operations with broader societal goals. This reflects a commitment to enhancing the quality of life for employees, stakeholders, and the community at large, making CSR a vital aspect of modern business ethics.