Business firms pursue several different types of goals.A(n) __________ goals is when a firm seeks to balance the conflicting goals of stakeholders to promote their overall welfare, even at the expense of profits.

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Societal responsibility refers to the goal of promoting the overall welfare of stakeholders, even at the expense of profits. This includes considerations such as environmental sustainability, ethical practices, and social responsibility. While other goals, such as customer satisfaction, quality, market share, and employee welfare, are important for a business to achieve, they do not necessarily prioritize the well-being of stakeholders over the firm's profitability.

Business Firms Pursue Several Different Types of Goals