What Concept Is Defined as the Ability to Meet the Needs

question 57

Multiple Choice

What concept is defined as the ability to meet the needs of current supply chain members without hindering the ability to meet the needs of future generations in terms of economic, environmental, and social challenges?

• A) Sustainability
• B) Ethical purchasing
• C) Corporate social responsibility
• D) Business ethics

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Definitions:

Accounting Profits

The net income of a company after all expenses, including taxes and operating costs, have been subtracted from total revenues, according to standard accounting practices.

Perfectly Competitive

A market structure characterized by a large number of small firms, identical products, and free entry and exit, leading to price taking behavior.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, allowing firms to enter and exit the market, and no economic forces are pushing for change.

Efficient Scale

The level of production at which a company or industry can produce its products at the lowest average cost, optimizing resource use.