Final answer:
The 3Ps in the concept of a triple bottom line are People, Planet, and Profit. It emphasizes considering social, environmental, and economic factors in business decision-making.
Step-by-step explanation:
The concept of a triple bottom line is based on the 3Ps principle, which refers to People, Planet, and Profit. It was coined by John Elkington in 1994 to emphasize the importance of considering not only financial profit but also social and environmental factors in business decision-making.
1. People: This refers to the social aspect of sustainability, such as the well-being of employees, customers, and communities. It involves fair treatment, human rights, social justice, and ethical practices.
2. Planet: This focuses on the environmental aspect of sustainability, including resource conservation, pollution reduction, carbon footprint, and biodiversity preservation. It prioritizes sustainable practices that minimize harm to the planet.
3. Profit: This refers to the economic aspect of sustainability, which involves generating financial gains and long-term profitability while considering the social and environmental impacts of business activities.