Ch.25- Environmental and ethical issues Flashcards

1
Q

Externality

A

The effect of business activity on unrelated parties

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2
Q

Social cost

A

The negative impact of a business decision on society

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3
Q

Social benefit

A

The positive impact of a business decision on society

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4
Q

Cost-benefit analysis

A

Analysis of the costs and benefits of a project, the focus being on the social costs and benefits

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5
Q

Sustainable development

A

A business activity is said to be sustainable if it has a positive overall impact on the environment and its stakeholders, ensuring its survival in the future

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