Historically, economic responsibility, or making a profit by producing a product or service valued by society, has been a business’s most basic social responsibility. Legal responsibility is a company’s social responsibility to obey society’s laws and regulations as it tries to meet its economic responsibilities. Ethical responsibility is a company’s social responsibility not to violate accepted principles of right and wrong when conducting its business. Discretionary responsibilities pertain to the social roles that businesses play in society beyond their economic, legal, and ethical responsibilities.