Environmental Values in Business

These flashcards cover key terms and concepts related to environmental values and responsibilities in business as discussed in the lecture.

Human Self-Interest (Conservationism)

The view of the natural world as a resource to be managed for long-term human survival and happiness.

Intrinsic Value (Preservationism)

The belief that parts of the environment have inherent value and should be protected for their own sake.

Animal Rights

The perspective that animals deserve dignity and respect, challenging practices like industrial farming.

Market-Based Approach

A method where environmental issues are addressed as economic problems that can be solved through market mechanisms.

Regulatory Approach

A method where the government sets minimum standards to prevent environmental harm.

Sustainability Approach

A model that aligns financial goals with environmental and ethical considerations, referred to as the Triple Bottom Line or ESG.

Backcasting

A planning method that involves envisioning a sustainable future and then identifying the steps needed to achieve it.

Eco-efficiency

The principle of improving production to reduce environmental waste while cutting financial costs.

Biomimicry

Designing production processes based on biological systems, aiming for a 'closed-loop' where waste is reused.

Service-Based Economy

A shift from selling products to providing services to incentivize sustainable production practices.

Cost Savings

Financial benefits gained from reducing energy and material use in business practices.

Competitive Advantage

The edge gained by sustainable practices that attract environmentally conscious consumers and talent.

Risk Management

The proactive approach taken by firms to mitigate legal liabilities and market risks related to sustainability.