Ch.25- Environmental and ethical issues Flashcards
1
Q
Externality
A
The effect of business activity on unrelated parties
2
Q
Social cost
A
The negative impact of a business decision on society
3
Q
Social benefit
A
The positive impact of a business decision on society
4
Q
Cost-benefit analysis
A
Analysis of the costs and benefits of a project, the focus being on the social costs and benefits
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
