Explain the Concept of Eco-Efficiency, Biomimicry and Cradle-To-Cradle Responsibility

question 22

Essay

Explain the concept of eco-efficiency, biomimicry and cradle-to-cradle responsibility.

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Definitions:

Variable Cost

Costs that vary directly with the level of production or volume of output.

Excess Capacity

The situation where a company's production facilities can produce more goods than currently demanded by its market.

General Transfer-Prizing Rule

A principle used to determine the price at which goods and services should be transferred between departments within the same organization.

Opportunity Cost

The expense incurred by not choosing the second-best option available during a decision-making process.