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BUSI 4940 Exam 3 (1).
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BUSI 4940 Exam 3what is the definition of sustainability? - CORRECT ANSWER-meeting the needs of
the present without compromising the ability of future generations to meet their own
needs.
what are the three main changes made in the deloitte sustainability definition of
1992? - CORRECT ANSWER-- third-party "stakeholders"
- protecting, sustaining, and enhancing human and natural resources
- "needed" in a general sense instead of from the view of an individual's "own needs"
what is the definition of normative ethics? - CORRECT ANSWER-the branch of
philosophical ethics that investigates the questions that arise regarding how one
ought to act, in a moral sense (it relates to when people tell you what you should or
shouldn't do, what is "right" and "wrong")
what is the underlying ethical stand of the 1987 definition of normative ethics? -
CORRECT ANSWER-society meeting its current needs is (morally) fine as long as it
also leaves enough for future generations to meet their own needs
what is the definition of normative ethics creep? - CORRECT ANSWER-slowly
evolving the components of a concept that has already been accepted as ethically
sound in order to inculcate new ideas under the existing ethical halo
what is the un sustainable development agenda? - CORRECT ANSWER-the
sustainable development goals (17 of them) are a universal call to action to end
poverty, protect the planet, and improve the lives and prospects of everyone,
everywhere.
What are the 17 sustainable development goals? - CORRECT ANSWER-1. end
poverty
2. zero hunger
3. good health & well being
4. quality education
5. gender equality
6. clean water & sanitation
7. affordable & clean energy
8. decent work & economic growth
9. industry, innovation, & infrastructure
10. reduced inequalities
11. sustainable cities & communities
12. responsible production & consumption
13. climate action
14. life below water
, 15. life on land - biodiversity
16. peace, justice, & strong institutions
17. public private partnerships
what are four of the more common approaches to sustainability? - CORRECT
ANSWER-- Corporate Social Responsibility
- Triple Bottom Line (a.k.a., People, Planet, and Profit)
- ESG (Environmental, Social, & Governance)
- Circular Economy
why are corporate social responsibility and esg particularly controversial? -
CORRECT ANSWER-there are some concerns about whether they are in alignment
with classical economic principles such as private property and agency theory.
in fact, activities of large financial institutions regarding possible monopolistic
influence on mandating esg prioritization of investments are being adjudicated as we
speak in congress.
what are the four main pillars of the circular economy? - CORRECT
ANSWER-reduce
reuse
recycle
remanufacture
why is the circular economic approach gaining traction? - CORRECT ANSWER-it is
more in line with basic economic principles and therefore more attractive for
businesses to support (it is gaining momentum to make more meaningful advances
regarding sustainable use of resources and processes)
what is economics about (not money)? - CORRECT ANSWER-it's about
understanding human nature and creating incentives and disincentives to drive
human behavior (human motivation theories)
what are negative externalities? - CORRECT ANSWER-when the production or
consumption of a product or service results in a net cost to a third party (i.e. noise
pollution; air pollution; farming pesticides leak into the water supply; passive
smoking)
what are the main problems making sustainability issues feasible? - CORRECT
ANSWER-- how to objectively measure the extent of the problem
- how to attribute an economically rational "valuation" to the cost from the
externalities
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