Characteristics of Environmentally Conscious Business

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Questions and Answers

Which of the following is NOT a characteristic of an environmentally conscious business?

  • Increases profits (correct)
  • Minimizes waste
  • Reduces pollution
  • Uses renewable resources

What is a potential challenge faced by environmentally conscious businesses?

  • Reputation damage (correct)
  • Decreased revenue
  • Increased employee engagement
  • Reduced investment opportunities

What does the acronym 'RRR' represent in the context of environmentally conscious businesses?

  • Remove, Reduce, Recycle
  • Revive, Recover, Retain
  • Replace, Repair, Reuse
  • Recycle, Reduce, Reuse (correct)

What is a benefit of implementing environmentally conscious business practices?

<p>Increased revenue (A)</p> Signup and view all the answers

What is an important aspect of being environmentally conscious?

<p>Being open to change (B)</p> Signup and view all the answers

Which of these sectors provides services rather than producing goods?

<p>Tertiary Sector (C)</p> Signup and view all the answers

What is a key reason why MNCs locate in Ireland?

<p>Membership in the European Union (B)</p> Signup and view all the answers

Which of these is NOT a positive impact of MNCs on the Irish economy?

<p>Increased competition for Irish businesses (A)</p> Signup and view all the answers

Which of these is an example of a business within the secondary sector?

<p>Construction company (B)</p> Signup and view all the answers

In which sector would an oil company reside?

<p>Primary (C)</p> Signup and view all the answers

Flashcards

Renewable resources

Resources that can be replenished naturally over time, like solar or wind energy.

Minimizing waste

The practice of reducing waste through methods like Reduce, Reuse, and Recycle.

Cleaner production methods

Techniques aimed at reducing pollution during the manufacturing process.

Employee engagement

The emotional commitment and involvement of employees towards their organization.

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Corporate social responsibility challenges

Potential downsides like reputation damage and legal issues that businesses may face.

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Primary Sector

Industry based on natural resources of a country.

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Secondary Sector

Processes raw materials and produces finished goods for sale.

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Tertiary Sector

Provides services to businesses and the public, not goods.

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MNC (Multinational Corporation)

A business operating in 2 or more countries from a home headquarters.

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Positives for Irish Economy from MNCs

Direct employment and increased tax revenue due to MNCs.

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Study Notes

Characteristics of Environmentally Conscious Business

  • Benefits:
    • Increased employee engagement
    • Increased revenue
    • Increase investment opportunities
    • Open to change
    • Improve corporate social responsibility
  • Challenges:
    • Legal liability
    • Reputational damage
    • Stakeholder backlash
  • Characteristics of Renewable Resources:
    • Minimizes waste
    • Reduces pollution
    • Uses reduce, reuse recycle methods

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