Final answer:
Sustainability is the economic development that allows meeting present needs without compromising future generations' ability to fulfill theirs, notably through responsible resource use and small-scale economic initiatives.
Step-by-step explanation:
The concept being described in the question is sustainability, which refers to economic development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Sustainability ensures that we use and conserve resources in a way that allows their continued use in the future, acknowledging that the earth's resources are not unlimited. This approach involves sustainable use of natural resources, developing small-scale economic initiatives that do not deplete resources, and ensuring that technological and institutional changes do not harm future prospects.
Deforestation, competition for water and fuel, and other economic challenges necessitate a sustainable ethic, where innovation is geared toward solving current problems without causing environmental degradation. Sustainable development is a dynamic process that seeks to balance societal developmental goals with environmental limits, ensuring long-term viability and health for our ecosystem, which in turn supports human life. For example, if we face a fuel shortage, a sustainable solution would involve finding new ways to conserve oil or developing renewable energy alternatives rather than just continuing to exploit dwindling supplies. Engineers and others have an obligation to meet the essential needs of all humans while protecting the planet's diverse resources.