Final answer:
The statement is true, the three components of the triple-bottom-line are indeed referred to as People, Planet, Profit. This framework encourages businesses to balance financial performance with social responsibility and environmental sustainability.
Step-by-step explanation:
The statement that the three components of the "triple-bottom-line" are sometimes called the three Ps - People, Planet, Profit - is True. The concept of the triple-bottom-line suggests that companies should focus on not just financial success, but also social responsibility and environmental impact. This business strategy acknowledges that a company's performance should be measured not just by traditional financial metrics, but also by its contribution to society and its ecological footprint.
The People aspect focuses on the company's social responsibility towards its employees and the communities where it operates. The Planet component emphasizes the importance of sustainable environmental practices. The Profit element refers to the traditional measure of a company's success - its financial performance. Each business, regardless of size or complexity, tries to earn a profit which is calculated as Profit= Total Revenue - Total Cost. The triple-bottom-line approach strives to balance these three aspects to achieve a more sustainable and ethical form of business operation.