The document discusses the social responsibilities of businesses and business ethics. It defines social responsibility as businesses taking actions that are desirable to society and following legal obligations that benefit society. Businesses need to serve various stakeholders like customers, employees, and communities. There are arguments for and against social responsibility, and businesses have economic, legal, ethical, and discretionary responsibilities. The document also defines business ethics as dealing with right and wrong conduct according to societal standards, and elements of business ethics include management commitment, codes of conduct, compliance, and employee involvement.