What term describes a business's concern for society's welfare?

The term that describes a business's concern for society's welfare is corporate social responsibility. This concept refers to the practices and policies undertaken by corporations to have a positive impact on their communities and the environment while also conducting business. Companies that embrace corporate social responsibility strive to balance economic success with the consideration of social and environmental issues, recognizing that they have obligations that extend beyond the financial bottom line.

Corporate social responsibility can involve a variety of initiatives, such as sustainable environmental practices, philanthropy, ethical labor practices, and community development efforts. By prioritizing the welfare of society, businesses aim to create a positive image, build customer loyalty, and contribute to a healthier and more equitable world.

In contrast, social entrepreneurship focuses specifically on creating social change through innovative business practices. Business ethics relates to the moral principles that guide the conduct of business in both decision-making and behavior but does not directly address the broader societal welfare aspect. Stakeholder theory emphasizes the importance of all stakeholders in a business, including employees, customers, and the community, but does not specifically capture the proactive commitment to social welfare represented by corporate social responsibility.