The distinction between legal and ethical standards suggests the need to categorize different realms of business activity. A useful set of categories for the responsibilities of businesses has been developed by Archie B. Carroll. Two categories fairly obvious and widely recognized: economic responsibilities, whereby the business must achieve satisfactory financial results (for example, make a profit), and legal responsibilities, whereby the business must abide by the nation's laws regulations (for example, pay taxes). Discretionary responsibilities are responsibilities that a company may elect in order to meet the expectations of some of its customers or a particular element in society.