What are the major areas of social responsibility of business?

Social responsibility of business can broadly be divided into four categories, which are as follows:

(a) Economic responsibility: As business is an economic firm producing goods and services that society wants and making a profit from it is economic responsibility

(b) Legal responsibility: A law following firm are meant for the good of the society and is a legal responsibility.

(c) Ethical responsibility: Respecting the religious sentiments and dignity of people while advertising for a product comes under ethical responsibility in business.

(d) Discretionary responsibility. This is a voluntary work that an enterprise does for charity by constructing schools, hospitals or donating money during floods. Responsibility of the company is investing in good ventures which result in profit also comes under discretionary responsibility.