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According to Carrol's four-part definition of CSR, what is included in the economic aspect?
Adhering to ethical standards
Giving back to the community
Maximizing profit
Following legal regulations
The correct answer is: Maximizing profit
In Carroll's four-part definition of Corporate Social Responsibility (CSR), the economic aspect refers specifically to the obligation of a business to generate profits and maximize shareholder value. This foundational element asserts that, while companies must be socially responsible, their primary function is to be economically viable. Maximizing profit reflects the idea that businesses exist primarily to produce wealth, which benefits not only the shareholders but also contributes to the wider economy through job creation, investment, and production of goods and services. This economic responsibility serves as the base upon which the other layers of Carroll's CSR pyramid—ethical, legal, and philanthropic responsibilities—are built. In contrast, adhering to ethical standards, giving back to the community, and following legal regulations are essential components of a company's broader social responsibilities that aim to enhance its reputation and fulfill societal expectations. However, these aspects come into play after the economic foundation of profit generation has been established, making them secondary in Carroll's framework.