2.5 Key Terms
- Social Equity: The principle of fairness and justice in a business’s treatment of all stakeholders, including employees, customers, and the community.
- Ethical Labor Practices: Ensuring fair wages, safe working conditions, and humane treatment of all workers, both within the company and throughout its supply chain.
- Community Engagement: A company’s role as a “good citizen” that contributes positively to the well-being of its local community.
- Environmental Impact: The effect a business’s operations have on the natural world.
- Resource Conservation: Practices focused on reducing the consumption of natural resources, such as using renewable energy, minimizing waste, and conserving water.
- Eco-friendly Materials: Sourcing and using materials that are less harmful to the environment.
- Financial Sustainability: The ability of a business to be profitable and remain viable over the long term.
- Value-based Customers: Attracting a customer base that supports the business not just for its products, but also for its social and environmental values.
- Sustainable Business Model: A strategic framework designed to ensure a company’s long-term success by adapting to future challenges and changes.
The principle of fairness and justice in a business's treatment of all stakeholders, including employees, customers, and the community.
Ensuring fair wages, safe working conditions, and humane treatment of all workers, both within the company and throughout its supply chain.
A company’s role as a “good citizen” that contributes positively to the well-being of its local community.
The effect a business’s operations have on the natural world.
Practices focused on reducing the consumption of natural resources, such as using renewable energy, minimizing waste, and conserving water.
Sourcing and using materials that are less harmful to the environment.
The ability of a business to be profitable and remain viable over the long term.
Attracting a customer base that supports the business not just for its products, but also for its social and environmental values.
A strategic framework or business strategy that prioritizes creating value for the planet and its people, not just for financial gain. It is designed to ensure a company's long-term success by adapting to future challenges and changes.
