Define and Discuss the Term 'Sustainable Development

question 4

Essay

Define and discuss the term 'sustainable development'.In your work,be sure to provide examples of organisations that have successfully integrated 'sustainable development' into their management practices.

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Definitions:

Exclude

To eliminate or leave out from consideration or a group.

Public Good

A good that is non-excludable and non-rivalrous, meaning it can be used by everyone and one person's use does not reduce availability to others.

Market Failure

A scenario where the free market fails to allocate resources efficiently, resulting in negative impacts on social welfare.

Pareto Optimality

The scenario in which resources are allocated in a manner that prohibits enhancing one individual's situation without negatively impacting another's.