Final answer:
The triple bottom line is a sustainable business framework that balances the need for financial profit with the responsibility to social welfare and environmental sustainability, incorporating all three dimensions: people, planet, and profit.
Step-by-step explanation:
The concept of the triple bottom line is a framework for businesses that encourages them to look beyond traditional financial profits and to also consider their impact on people and the planet. This approach emphasizes corporate responsibility and sustainability, encapsulating an understanding that for long-term success, economic performance must go hand in hand with social equity and environmental protection. Therefore, the triple bottom line focuses on:
- People - considering the employee, customer, and community welfare
- Planet - ensuring that operational practices are environmentally sustainable
- Profit - achieving economic gains that do not compromise the other two aspects
Managing all three aspects is crucial for businesses aiming for long-term viability and a positive societal impact.