In recent years, “Sustainability Reporting” is an issue that has attracted much attention in the workplace, social media, and the news. In a research paper titled “Sustainability Reporting: Who’s Kidding Whom?” written by Rob Gray, sustainability concerns not only in achieving an efficient allocation of resources over time, but also in achieving a fair distribution of opportunities and resources within the current generation and between the current and future generations, and balancing the scale of economic activity relative to its ecological life support systems at the same time. Sustainability can also be perceived as not only about doing the right thing, but also about being a catalyst for change and help to create a more sustainable economy and society (PwC 2013). In the context of financial reporting, sustainability reporting is a way for businesses and companies to disclose their sustainability efforts and initiatives to shareholders, stakeholders, employees and the society, at the same time enabling businesses to measure, analyse and interpret the impacts of their operations so that they can improve their sustainability profile. This type of reporting results in better reputation, improved access to capital, increased efficiency and waste reduction as well as meeting the expectations of employees, which are crucial for companies to differentiate themselves from their competitors in the competitive market these days (Ernst &Young 2012). In light of all the benefits that can potentially be achieved, there is a growing phenomenon in sustainability reporting in recent years, with the future of sustainability reporting involving greater adherence to the framework of Global Reporting Initiative (GRI) (G3 or G4) Sustainability Rep...
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...re than 250,000 solar panels on IKEA stores and buildings and its investment in 126 wind turbines in six countries. Moreover, in the year 2012, its total renewable energy production was equivalent a third of its total energy usage, which generated significant energy savings. In addition, IKEA also highlighted its effort in improving the welfare of the society through IKEA Foundation, which supports projects that create opportunities for 100 million children living in poverty in the developing countries. In 2012, donations from IKEA Foundation were 82 million Euros, up from 65 million Euros in 2011. Clearly, it can be seen that IKEA is playing a major role in giving back to the people and is making significant contributions towards the development of the environment, society and the economy, which will certainly improve the confidence of its stakeholders as well.
Impact of Economic Inequality Economic Inequality undermines the productivity and morale of working people, and limit the number of people who could participate in the market and thus a country deprives itself of the contributions the lower section of its society could make to its economic development. Inequality of incomes leads to some other very serious economic and social consequences: (i) Class-conflict & Political Abuse: It has created two sections in society—the ‘haves’ and the ‘have-not’s—which
accommodations and more than 3 quarters of Australians rent from private landlords (Mustafa 2014, p. 1, Australian bureau of statics).Housing plays a strong role in regards to the social wellbeing of Australians. Good housing has provided good social and economic environment for society (Mustafa 2014, p. 1, Australian bureau of statics). Factors influencing the housing market Interest’s rates These are the most important factors which affect housing and the property market in Australia. The definition of
Applying Economic Concepts To My Life The concepts of economics has been a daily part of my life. The concepts apply to my poor choices, when I make food, and when I have to make decisions. Many of these concepts apply to my life in many ways. Five economic concepts that apply to my life are opportunity cost, shortage and surplus, rational self-interest, substitution, and income. The first economic concept that applies to my life is opportunity cost. I apply opportunity cost to my life when I have
the income stream which will cause consumption expenditures to fall short of total output. -Investment spending by businesses is a supplement to the income-expenditure stream which may fill any consumption gaparising from saving. -Keynesian economics hold that there ar etwo other sources of funds which can be made available in the money market: 1)the accumulated money balances, 2)lending institutions. -The Keynesian position is that saving and investment plans can be at odds and thereby can
resources/ goods were extremely valuable. As the states flourished, so too were the desire for specific resources, goods/ services. For this reason, this paper will explain the economic perspective of comparative/absolute advantage and how they economically impact decisions made in our nation. Comparative advantage, in economics, refers to the ability of one group or company to produce a good/ service more efficiently than another (Lipsey, R. G., & Dobson, W. 1987). Determining how efficient the goods/services
Economic growth is measured by the change in real GDP. Real GDP is the total value of all of the goods and services produced in a year, adjusted for inflation. GDP, though not the best indicator of the quality of life, nations with a high GDP correlate to nations with a higher quality of life. The changes in real GDP for 2013 general trend of increasing GDP and hence increasing economic growth. The latest estimate for fourth quarter fiscal year 2013 is 2.4 percent change in GDP. GDP increased in
Definition of Topic: Economics is the study of supply and demand. It defines the ways that human beings allocate resources and how resources are distributed amongst a market. It allows you to see trends in current market places and predict what may happen in the future. Many different subjects were once regarded as a part of economics. Political science and even sociology were once considered part of the field. These subjects still play a major role in understanding economics but are also completely
discussions among scholars in developed countries regarding economics of information. Developed countries includes Australia, New Zealand, United States, Ireland, Germany, Japan, Canada and many more are countries that have a high level of development according to some criteria. The criterion is income per capita; countries with high gross domestic product (GDP) per capita would thus be described as developed countries. Another economic criterion is industrialization; countries in which the tertiary
Introduction The reason said consumers better off as a result of economic rationalism because consumers can enjoy more fairness in the market. For instance, consumers have more information about price, utility, quality and product materials that they can compare with substitution in the market and select the best fit product. Also, economy closer to free market can inspire product innovation. The concept of economic rationalism aim at market efficiency to reach entire society interest maximization
Economics; is an important subject to understand the workings of finances. The common definition of economics is the social science that analyzes the production, distribution and consumption of goods. Freakonomics, the title of this book has the reader wondering what this book is about. From the title and even the cover picture it is clear it is not your average text book on economics. Yet, the authors have collected data and analyzed it to come to their conclusions on some unusual hypotheses
Economics is commonly referred to as the dismal science however; it is a social science that studies how individuals, governments, firms and nations make choices on allocating scarce resources to satisfy their unlimited wants. ("Economics," n.d.) Economics can normally be broken down into macroeconomics, which focuses on the behavior of the total economy; and microeconomics, which focuses on the individual consumer. Microeconomics is the part of economics that analyzes the market behaviors of individual
Lesson 1 Project Economic Questions and Vision The two major economic systems in the world are the capitalist (free market) economic system and the socialist economic system. The many different countries of the world usually have an economic system in place that contains elements of both capitalism and socialism. Since the philosophies of capitalism and socialism are opposite, an individual country and its economic system will answer key economic questions differently. Regardless of how much
Economic globalization raises debate about whether integration will reduce the probability of conflict and war. Globalization in this context refers to an international trading market, where state economies become dependent on global trade. States prosper by being economically advanced, promoting trade would increase state capital. For economic globalization to be successful in reducing conflict it would follow neoliberalism’s free hand of the market, limiting government’s role in trade. The economic
Various Aspects of Economics of Information 3.1 Economics of information in Education According to Farid (2007), economics of information is based on the concept that quality information is a scarce and valuable resource. The production and dissemination of information in education constitute two major economic activities, with associated costs and benefits. The value of information depends on its degree of accuracy, completeness, timeliness, reliability, and relevance to issues under consideration
world is to achieve economic justice at all cost. Economic justice refers to the acts of creating economic policies whose ultimate objective is creating equal economic opportunities for every person affected by the economy (Konczal & Mason, 2017). The government through the monetary institutions such as the central banks focus on instituting monetary policies that help to bring about social justice in the country. In addition, governments advance taxation rates that foster economic growth (Konczal &