Managing a Socially Responsible Business

Vocabulary flashcards covering the core concepts, dimensions, and levels of the pyramid of Corporate Social Responsibility based on the Week 5 reading notes.

Corporate Social Responsibility (CSR)

The concern of businesses for the welfare of society as a whole, consisting of obligations beyond those required by law and generally related to a company's core business.

Obligations of Corporate Social Responsibility

Broad commitments that extend beyond a company to include workers, suppliers, consumers, communities, and society at large.

Two Basic Dimensions of Social Responsibility

Legality and responsibility.

Economic Responsibilities

The base (first) level of the corporate social responsibility pyramid, stating that a corporation must be profitable to survive.

Legal Responsibilities

The second level of the pyramid of corporate social responsibility, recognizing that legal compliance is necessary for a corporation's success.

Ethical Responsibilities

The third level of the pyramid of corporate social responsibility, stating that a corporation can turn its attention to ethical matters only after ensuring its economic and legal position.