Final answer:
Social responsibility is an organization's duty to act in the best interests of both itself and society. This requires a balance of self-interest and public spirit, with businesses adhering to ethical codes. Citizens fulfill community responsibilities by cooperating, respecting, and participating in society.
Step-by-step explanation:
The concept being referred to in the question is social responsibility which means an organization's obligation to act in ways that serve both its own interests as well as those of society at large. This involves a balance between self-interest and public spirit, with businesses and individuals engaging in practices that reflect the values of society and work toward the common good. To accomplish these goals, organizations often establish a code of ethics that dictates permissible actions concerning legal, environmental, and social imperatives. Community responsibilities are carried out by those within a society by cooperating with others, respecting diverse viewpoints, and participating actively in communal activities. This allows for a society wherein civil liberties and individual freedoms are enjoyed while also contributing to the societal order and the well-being of others. Governments play a role in establishing norms of behavior and maintaining these standards through laws and regulations that businesses must also adhere to.