BUSI 4940 EXAM 3 QUESTIONS AND ANSWERS
Define sustainability - Answers - meeting the needs of the present without
compromising the ability of future generations to meet their own needs
When was the term sustainability first established and by whom? - Answers - 1987, by
the United Nations Brundtland Commission
Define normative ethics - Answers - 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, or what is right and
wrong.
Define normative ethics CREEP - Answers - 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 are the three things included in the Triple Bottom Line - Answers - Profit -
Economic performance
People - Social performance
Planet - Environment performance
What does ESG stand for? - Answers - Environmental, Social, Governance
What are the four main pillars of a Circular Economy? - Answers - -Reduce
-Reuse
-Recycle
-Remanufacture
When do negative externalities occur? - Answers - When the production or consumption
of a product or service results in a net cost to a third party
What are the three main changes made to the definition of sustainability by Deloitte in
1992? - Answers - 1. Third-party "stakeholders"
2. Protecting, sustaining, and enhancing human and natural resources.
3. "Needed" in a general sense instead of from the view of an individual's "own needs"
What is the underlying ethical stand of the 1987 definition of sustainability? - Answers -
society meeting its current needs is morally fine as long as it also leaves enough for
future generations to meet their own needs.
How many sustainable development goals are in the sustainable development agenda
in 2022? - Answers - 17
, What are the basic concepts and premise of the 2022 Sustainable Development
Agenda? - Answers - It implies if you don't support one of these topics then you are
unethical -- you are acting badly or irresponsibly.
This drives divisions and demonization.
What are the four common terms and approaches to sustainability? - Answers - -
Corporate Social Responsibility
-Triple Bottom Line
-ESG
-Circular Economy
Why is the circular economy gaining traction with the business community? - Answers -
Because it is much more "actionable" - companies have more clarity about where they
can (and can't) help, focused more on improvements and less on "absolutes"
What does classical economics already state? - Answers - All costs—including negative
externalities—of production or consumption should be borne by the entity that creates
the externality. Markets can be used to reduce negative externalities
Why are CSR and ESG a bit more controversial these days? - Answers - There are
concerns about whether they are in alignment with classical economic principles such
as private property and agency theory.
What are the main problems making sustainability feasible? - Answers - 1. objectively
measuring the extent of the problem
2. attributing economically rational "valuation" to the cost from the externalities
Sustainability is an important topic, but is has evolved from
_________________________. - Answers - The sustainable stewardship of resources
in a competitive market to something significantly broader in scope.
Newer definitions of sustainability often include a greater emphasis on normative ethics
whereby a company can _______________________________. - Answers - be
condemned or cancelled as being "bad" or "unethical" if it is seen as not supporting
certain external causes.
What is the new approach emerging that might help make progress on sustainability
and is more in line with its original definition? - Answers - Circular Economy
The classical economic theory already accounts for the concepts of sustainability in its
definitions of negative externalities, private property, and agency theory. The problems
often boil down to ______________. - Answers - measurement, valuation, and
enforcement
Define sustainability - Answers - meeting the needs of the present without
compromising the ability of future generations to meet their own needs
When was the term sustainability first established and by whom? - Answers - 1987, by
the United Nations Brundtland Commission
Define normative ethics - Answers - 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, or what is right and
wrong.
Define normative ethics CREEP - Answers - 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 are the three things included in the Triple Bottom Line - Answers - Profit -
Economic performance
People - Social performance
Planet - Environment performance
What does ESG stand for? - Answers - Environmental, Social, Governance
What are the four main pillars of a Circular Economy? - Answers - -Reduce
-Reuse
-Recycle
-Remanufacture
When do negative externalities occur? - Answers - When the production or consumption
of a product or service results in a net cost to a third party
What are the three main changes made to the definition of sustainability by Deloitte in
1992? - Answers - 1. Third-party "stakeholders"
2. Protecting, sustaining, and enhancing human and natural resources.
3. "Needed" in a general sense instead of from the view of an individual's "own needs"
What is the underlying ethical stand of the 1987 definition of sustainability? - Answers -
society meeting its current needs is morally fine as long as it also leaves enough for
future generations to meet their own needs.
How many sustainable development goals are in the sustainable development agenda
in 2022? - Answers - 17
, What are the basic concepts and premise of the 2022 Sustainable Development
Agenda? - Answers - It implies if you don't support one of these topics then you are
unethical -- you are acting badly or irresponsibly.
This drives divisions and demonization.
What are the four common terms and approaches to sustainability? - Answers - -
Corporate Social Responsibility
-Triple Bottom Line
-ESG
-Circular Economy
Why is the circular economy gaining traction with the business community? - Answers -
Because it is much more "actionable" - companies have more clarity about where they
can (and can't) help, focused more on improvements and less on "absolutes"
What does classical economics already state? - Answers - All costs—including negative
externalities—of production or consumption should be borne by the entity that creates
the externality. Markets can be used to reduce negative externalities
Why are CSR and ESG a bit more controversial these days? - Answers - There are
concerns about whether they are in alignment with classical economic principles such
as private property and agency theory.
What are the main problems making sustainability feasible? - Answers - 1. objectively
measuring the extent of the problem
2. attributing economically rational "valuation" to the cost from the externalities
Sustainability is an important topic, but is has evolved from
_________________________. - Answers - The sustainable stewardship of resources
in a competitive market to something significantly broader in scope.
Newer definitions of sustainability often include a greater emphasis on normative ethics
whereby a company can _______________________________. - Answers - be
condemned or cancelled as being "bad" or "unethical" if it is seen as not supporting
certain external causes.
What is the new approach emerging that might help make progress on sustainability
and is more in line with its original definition? - Answers - Circular Economy
The classical economic theory already accounts for the concepts of sustainability in its
definitions of negative externalities, private property, and agency theory. The problems
often boil down to ______________. - Answers - measurement, valuation, and
enforcement
