Final answer:
Corporate social responsibility is the term used to describe philanthropic activities that allow businesses to provide for the social good and create long-term value for the organization.
Step-by-step explanation:
The term used to describe philanthropic activities that allow businesses to provide for the social good and create long-term value for the organization is corporate social responsibility (CSR).
CSR refers to the efforts made by businesses to operate in an ethical and sustainable manner, taking into account the impact of their actions on society and the environment. This can include initiatives such as donating to charity, implementing fair labor practices, reducing carbon emissions, and supporting local communities.
By engaging in CSR, businesses not only contribute to social and environmental well-being but also enhance their reputation, attract socially conscious customers, and foster employee loyalty. It is a win-win situation that allows businesses to make a positive impact while also benefiting their own long-term success.