Final answer:
Sustainable development refers to business practices that ensure present needs are met without harming future generations' ability to meet theirs.
Step-by-step explanation:
The term you are looking for is sustainable development. It is an approach to business practices that aims to meet the needs of the present without compromising the ability of future generations to meet their own needs.
Sustainable development involves the sustainable use of natural resources in a way that preserves the resource for future use, ensuring the satisfaction of the health needs of all sections of the human community, and not resulting in a continuously increasing rate of resource and energy consumption.
It requires economic theories that reflect a sound understanding of the processes of life and the biological limits to human activities on Earth. The ultimate goal is to achieve a balance between economic growth and environmental conservation, creating a livable world for our grandchildren while maintaining the quality of the Earth's environment.
By implementing sustainable development, humanity seeks to develop a framework that evaluates activities to determine whether they help or harm long-term human success.
It promotes an economic system that satisfies health needs without increasing consumption excessively and encourages a mental shift towards a lifestyle in harmony with nature. This practice is based on the principle that humans are a part of nature, not apart from it, and stresses natural harmony over conquest.