Term
Resource Scarcity
What is resource scarcity?
Answer
Definition
Limited availability of raw materials pushing businesses to find alternatives or recycle.
Key external forces that drive changes in operations and strategy.
An environmental audit assesses a business's impact on the environment and compliance with regulations.
Growing importance of sustainability leads to:
What is resource scarcity?
Limited availability of raw materials pushing businesses to find alternatives or recycle.
How do pollution regulations affect businesses?
They limit emissions and force changes in production methods.
What impact does climate change have on businesses?
Alters markets, increases operational risks, and can disrupt supply chains due to extreme weather.
Why are waste disposal laws important for businesses?
They require businesses to invest in clean technology for proper waste management.
What is an environmental audit?
An assessment of a business's environmental impact and regulatory compliance.
How do environmental audits benefit businesses?
Identify risks and inefficiencies, improve energy use, emissions, waste management, and boost reputation.
What does sustainability encourage in business decisions?
Development of eco-friendly products, renewable energy investment, circular economy adoption, and sustainability reporting.
What advantage does sustainability provide businesses?
Competitive advantage, despite potentially higher initial costs.