Answer the following questions within the topic in paragraph form:Should businesses have social responsibilities?This is a discussion about the social responsibili­ties of business. Do you agree that businesses have social responsibilities? Why or why not? What can be some of the social aspects of businesses?Here is some background about this debate. The famous Nobel Prize winning economist Milton Friedman argued that the social responsibility of business is to increase its profits—in other words business is for business (you can read his essay here: http://www.colorado.edu/studentgroups/libertarians/issues/friedman-soc-resp-business.html. However, we increasingly see that the society expects companies to be socially responsible that leads to an increasing focus on corporate social responsibility initiatives. A related new trend is now named Conscious Capitalism (see the link for further information:http://www.forbes.com/sites/danschawbel/2013/01/15/john-mackey-why-companies-should-embrace-conscious-capitalism/(see learning objectives 4 & 5).