In the parlance of economy Corporate Social Responsibility is ........

Environment and Ecology Sustainable Development

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In the parlance of economy, Corporate Social Responsibility is

A means of redistributing wealth among people by way of social welfare schemes.

A process which explains the economic interaction between tribes and castes

The commitment of business to contribute to sustainable economic development.

A mechanism for resource allocation

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Explanation:

Third option is correct.

In the parlance of economy, Corporate Social Responsibility is the commitment of business to contribute to sustainable economic development.
Corporate social responsibility, often abbreviated "CSR," is a corporation's initiatives to assess and take responsibility for the company's effects on environmental and social wellbeing. The term generally applies to efforts that go beyond what may be required by regulators or environmental protection groups.