Review of Key Concepts on Business Sustainability and Social Impact

These flashcards cover essential terminology and definitions related to business sustainability, social impact, and environmental considerations.

Worldview

A set of beliefs and values that guide an individual's perception of the world.

Business Sustainability

An enterprising entity that creates value by meeting present needs without compromising future generations.

Triple Bottom Line

A framework considering social, environmental, and financial performance.

Shareholder View

The perspective that value creation comes from maximizing shareholder value by generating profit.

Friedman Doctrine

The belief that a firm's primary social responsibility is to use its resources to create profits.

Stakeholder View

A viewpoint that values contributions from all stakeholders involved in a business.

Systems View

An approach that examines the impact of one firm's actions on other interrelated firms and systems.

Planetary Boundaries

Limits within which humanity can safely operate, including climate change and biodiversity integrity.

Lifecycle Thinking

A method to assess environmental and social impacts across the value chain of a product.

Social Wealth

A measure that includes factors like no poverty, good health, quality education, and sustainable communities.

Community Resilience

The capacity of a community to anticipate, prepare for, and respond effectively to adverse events.

Levers to Address Boundaries

Actions taken to mitigate environmental impacts, such as changing food systems.

Natural Capital

The world's stocks of natural assets including geology, soil, air, water, and all living things.

Lifecycle Stages

Various phases of a product's life from raw material extraction to disposal.

Social License to Operate

The acceptance or approval by local communities and stakeholders of a company's operations.