Alternatively, imagine an economy where there are no businesses because the government is in charge of the economy. ... Business, then, plays a central role in any market economy. It is the engine that allows an economy to run because it provides jobs as well as goods and services.

The correct answer is option 'B', economic responsibility.

Economic responsibility refers to the primary duty of a business to produce goods and services that society wants and sell them at a profit. This responsibility is fundamental to the functioning of any business and is essential for its survival and growth. Let's delve deeper into why economic responsibility is crucial for businesses.

1. Meeting societal demands:
- Businesses exist to fulfill the needs and wants of society. They identify market opportunities and develop products or services that cater to these demands.
- By producing goods and services that society wants, businesses contribute to the overall well-being and satisfaction of individuals.

2. Generating profit:
- Profit is a vital financial metric for businesses. It is the difference between revenue and expenses and serves as a reward for the risks and efforts undertaken by the business.
- Businesses strive to sell their products or services at a price that exceeds their costs of production. This profit motive acts as an incentive for businesses to operate efficiently and effectively.

3. Ensuring sustainability:
- Economic responsibility is essential for the long-term sustainability of a business. Without generating sufficient profit, a business cannot cover its costs, invest in growth, and survive in the competitive market.
- Profitability allows businesses to reinvest in research and development, innovation, employee training, and other activities that drive growth and competitiveness.

4. Creating employment opportunities:
- Businesses that are economically responsible contribute to job creation and economic growth.
- By producing goods and services, businesses require employees to carry out various functions such as manufacturing, marketing, sales, and customer service. This helps reduce unemployment and improve the standard of living in society.

5. Fulfilling obligations to stakeholders:
- Businesses have various stakeholders, including shareholders, employees, customers, suppliers, and the community.
- Economic responsibility ensures that businesses generate returns for shareholders, provide fair wages and benefits to employees, deliver quality products and services to customers, pay suppliers promptly, and contribute to the welfare of the community through taxes and philanthropic initiatives.

In conclusion, economic responsibility is the primary duty of a business to produce goods and services that society wants and sell them at a profit. This responsibility ensures that businesses meet societal demands, generate profit, ensure sustainability, create employment opportunities, and fulfill obligations to stakeholders.