Social responsibility refers to the idea that businesspeople should consider the social consequences of economic actions when making business decisions,and that there should be a presumption in favor of decisions that have both good economic and social consequences.

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Social responsibility is based on the belief that businesses and individuals have a responsibility to act in the best interests of society at large. This often involves taking into account the impact of business decisions on stakeholders, such as employees, customers, and the environment. Therefore, the statement is true.

Social Responsibility Refers to the Idea That Businesspeople Should Consider