Final answer:
The three Ps in the triple bottom line are 'people, planet, and profit'. This concept involves considering the full cost of business, encompassing social responsibility, environmental sustainability, and economic viability, aiming for economic efficiency and sustainable growth.
Step-by-step explanation:
The three Ps in the triple bottom line are A. people, planet, and profit. This concept expands the traditional notion of a bottom line in business to include social and environmental concerns alongside financial results. Companies that adhere to the triple bottom line take into account the full cost of doing business and their impact on people (social responsibility), the planet (environmental sustainability), and profit (economic viability).
In the context of economic questions such as 'What should we produce?', 'How should we produce it?', and 'For whom should we produce it?', the triple bottom line aligns with the goal of reaching economic efficiency. This entails optimizing scarce resources to gain the maximum benefit without compromising the needs of future generations, which is the essence of sustainable development.
Furthermore, companies considering the triple bottom line may align their strategies with production possibilities that reflect both productive efficiency and sustainable growth, looking beyond immediate economic output to include environmental protection and social well-being in their operations.