To acknowledge the need for balance between profit, social responsibility, and environmental care is part of what concept?

• A. Corporate responsibility
• B. Business ethics
• C. Fair trade
• D. Sustainable development

Answer: (A)

The concept that emphasizes the need for balance between profit, social responsibility, and environmental care is corporate responsibility. This approach recognizes that businesses have obligations not only to their shareholders but also to other stakeholders, including employees, customers, the community, and the environment. Corporate responsibility advocates for companies to operate ethically and sustainably, taking into account their impact on society and the environment while still pursuing profitability.

In this context, corporate responsibility encompasses various practices, including ethical sourcing, responsible labor practices, and initiatives for community development and environmental sustainability. Companies that embrace corporate responsibility often seek to create a positive influence and lasting benefits for the communities in which they operate, ensuring that their business operations do not harm the environment and contribute to social well-being.

The other options relate to important concepts as well, but they do not encapsulate the same comprehensive approach. Business ethics focuses primarily on moral principles guiding business conduct. Fair trade specifically addresses equitable trading practices, ensuring producers in developing countries receive fair compensation. Sustainable development highlights the need for growth that does not deplete resources for future generations but does not explicitly cover the corporate duty towards social responsibilities like corporate responsibility does.