What do the three bottoms of the triple bottom line mean?
People, Planet, and Profit
The 3Ps of sustainability are a well-known and accepted business concept. The Ps refer to People, Planet, and Profit, also often referred to as the triple bottom line. Sustainability has the role of protecting and maximising the benefit of the 3Ps.
What is the hidden economy?
The broadest definition of the hidden economy includes legal economic activity that is deliberately concealed from measurement, illegal economic activities (including smuggling, drug dealing, and prostitution), and home production (including subsistence farming).
What are the main factors influencing the shadow economy?
High taxes and social security contributions and heavy regulation are the main drivers of the shadow economy. Resources not being used in the official economy can be used in the shadow economy to increase overall supply of goods and services.
Who created TBL?
John Elkington
The phrase “the triple bottom line” was first coined in 1994 by John Elkington, the founder of a British consultancy called SustainAbility. His argument was that companies should be preparing three different (and quite separate) bottom lines.
What is meant by black economy?
The black economy is a segment of a country’s economic activity that is derived from sources that fall outside of the country’s rules and regulations regarding commerce. The activities can be either legal or illegal depending on what goods and/or services are involved.
What is the difference between real GDP and nominal GDP?
Nominal GDP measures output using current prices, but real GDP measures output using constant prices.
Why is TBL important?
Triple bottom line is important because it affects everyone. It does not just focus on business and corporate leaders, but also social communities and the business’s impact on the planet. This accounting framework provides: A more sustainable future that considers both social and environmental sustainability.
What are the 4 basic causes of environmental problems?
Causes of Environmental Degradation
- Land Disturbance. A more basic cause of environmental degradation is land damage.
- Pollution. Pollution, in whatever form, whether it is air, water, land or noise is harmful to the environment.
- Overpopulation.
- Landfills.
- Deforestation.
- Natural Causes.
What is brown economy?
A brown economy is one in which economic growth is largely dependent on environmentally destructive forms of activity, especially fossil fuels like coal, oil, and gas.
What is the difference between inflation and deflation?
Inflation occurs when the prices of goods and services rise, while deflation occurs when those prices decrease. The balance between these two economic conditions, opposite sides of the same coin, is delicate and an economy can quickly swing from one condition to the other.
How is triple bottom line theory relevant to your future career?
Traditionally, business leaders are accustomed to focusing on the usual bottom line, the one that reflects your company’s profits. The triple bottom line approach offers benefits that will strengthen your business’s bottom line by attracting more customers and more talented employees.
How does the TBL affect an organization’s sustainability?
The Triple Bottom Line approach to sustainability takes the view that the smaller impact your business has on the environment and the fewer natural resources you consume, the longer and more successful your business will be.