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Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law.
Microfinance consists of financial services targeting individuals and small businesses who lack access to conventional banking and related services. Microfinance includes microcredit, the provision of small loans to poor clients; savings and checking accounts; microinsurance; and payment systems, among other services. Microfinance services are designed to reach excluded customers, usually poorer population segments, possibly socially marginalized, or geographically more isolated, and to help them become self-sufficient. ID Ghana is an example of a microfinance institution.
The triple bottom line is an accounting framework with three parts: social, environmental and economic. Some organizations have adopted the TBL framework to evaluate their performance in a broader perspective to create greater business value. Business writer John Elkington claims to have coined the phrase in 1994.
Service economy can refer to one or both of two recent economic developments:
The G20 or Group of 20 is an intergovernmental forum comprising 19 sovereign countries, the European Union (EU), and the African Union (AU). It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development.
Decent work is employment that "respects the fundamental rights of the human person as well as the rights of workers in terms of conditions of work safety and remuneration. ... respect for the physical and mental integrity of the worker in the exercise of their employment."
Solidarity economy or Social and Solidarity Economy (SSE) refers to a wide range of economic activities that aim to prioritize social profitability instead of purely financial profits. A key feature that distinguishes solidarity economy entities from private and public enterprises is the participatory and democratic nature of governance in decision-making processes as one of the main principles of the SSE sector. Active participation of all people involved in decision-making procedures contributes to their empowerment as active political subjects. However, different SSE organizational structures reflect variations in democratic governance and inclusive participation. Ultimately, SSE represents a crucial tool in guaranteeing that social justice ideals are upheld and that the wellbeing of the most vulnerable populations is paid attention to during the planning processes.
Inclusive capitalism is a theoretical concept and policy movement that seeks to address the growing income and wealth inequality within Western capitalism following the financial crisis of 2007–2008.
Sustainability accounting originated in the 1970s and is considered a subcategory of financial accounting that focuses on the disclosure of non-financial information about a firm's performance to external stakeholders, such as capital holders, creditors, and other authorities. Sustainability accounting represents the activities that have a direct impact on society, environment, and economic performance of an organisation. Sustainability accounting in managerial accounting contrasts with financial accounting in that managerial accounting is used for internal decision making and the creation of new policies that will have an effect on the organisation's performance at economic, ecological, and social level. Sustainability accounting is often used to generate value creation within an organisation.
Creating shared value (CSV) is a business concept first introduced in a 2006 Harvard Business Review article, Strategy & Society: The Link between Competitive Advantage and Corporate Social Responsibility. The concept was further expanded in the January 2011 follow-up piece entitled Creating Shared Value: Redefining Capitalism and the Role of the Corporation in Society. Written by Michael E. Porter, a leading authority on competitive strategy and head of the Institute for Strategy and Competitiveness at Harvard Business School, and Mark R. Kramer, of the Kennedy School at Harvard University and co-founder of FSG, the article provides insights and relevant examples of companies that have developed deep links between their business strategies and corporate social responsibility (CSR). Porter and Kramer define shared value as "the policies and practices that enhance the competitiveness of a company while simultaneously advancing social and economic conditions in the communities in which it operates", while a review published in 2021 defines the concept as "a strategic process through which corporations can turn social problems into business opportunities".
Financial inclusion is the availability and equality of opportunities to access financial services. It refers to processes by which individuals and businesses can access appropriate, affordable, and timely financial products and services - which include banking, loan, equity, and insurance products. It provides paths to enhance inclusiveness in economic growth by enabling the unbanked population to access the means for savings, investment, and insurance towards improving household income and reducing income inequality
Return on investment (ROI) or return on costs (ROC) is the ratio between net income and investment. A high ROI means the investment's gains compare favourably to its cost. As a performance measure, ROI is used to evaluate the efficiency of an investment or to compare the efficiencies of several different investments. In economic terms, it is one way of relating profits to capital invested.
Impact investing refers to investments "made into companies, organizations, and funds with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return". At its core, impact investing is about an alignment of an investor's beliefs and values with the allocation of capital to address social and/or environmental issues.
Poverty reduction in Guatemala remains as one of the key challenges to be dealt with before a more balanced and socially inclusive economic growth could be achieved.
Impact sourcing, also known as socially responsible outsourcing, refers to an arm of the business process outsourcing (BPO) industry. It employs people at the base of the pyramid or socioeconomically disadvantaged individuals as principal workers in BPO centers to provide high-quality, information-based services to domestic and international clients. The traditional BPO sector is typically associated with high-end, high-contact functions like call centers, which require significant education and language literacy levels. The impact sourcing sector focuses on utilizing workers from poor and vulnerable communities to perform functions with lower and moderate skill requirements such as scanning documents, data-entry work, data verification and cleaning, video tagging, and microwork.
An inclusive business model is a type of business model that seeks to create value for low-income communities by integrating them into a company's value chain on the demand side as clients and consumers, and/or on the supply side as producers, entrepreneurs or employees in a sustainable way.
Economic democracy is a socioeconomic philosophy that proposes to shift ownership and decision-making power from corporate shareholders and corporate managers to a larger group of public stakeholders that includes workers, consumers, suppliers, communities and the broader public. No single definition or approach encompasses economic democracy, but most proponents claim that modern property relations externalize costs, subordinate the general well-being to private profit and deny the polity a democratic voice in economic policy decisions. In addition to these moral concerns, economic democracy makes practical claims, such as that it can compensate for capitalism's inherent effective demand gap.
Nature-based solutions describe the development and use of nature (biodiversity) and natural processes to address diverse socio-environmental issues. These issues include climate change mitigation and adaptation, human security issues such as water security and food security, and disaster risk reduction. The aim is that resilient ecosystems provide solutions for the benefit of both societies and biodiversity. The 2019 UN Climate Action Summit highlighted nature-based solutions as an effective method to combat climate change. For example, nature-based systems for climate change adaptation can include natural flood management, restoring natural coastal defences, and providing local cooling.
Mexico has a thriving, diverse economy with strong macroeconomic institutions and is open to trade and private investment. With a population of over 130 million, Mexico is filled with citizens in the upper middle income bracket. Its economy is the 11th fastest growing in the world. Low growth rates and significant inequalities continue to hamper the growth of the Mexican economy. This is a central issue and is addressed in the systematic country diagnostic. The World Bank Group (WBG) discussed its support for the new Country Partnership Framework (CPF) for Mexico on February 27, 2020. The CPF covers a six-year period (2020-2025) and aligns the WBG’s engagement with the government’s National Development Plan. The CPF builds on the analysis of the Systematic Country Diagnostic (SCD) and reflects the views and strategy of the authorities on the way to foster growth and poverty reduction.
Sustainable Development Goal 9 is about "industry, innovation and infrastructure" and is one of the 17 Sustainable Development Goals adopted by the United Nations General Assembly in 2015. SDG 9 aims to build resilient infrastructure, promote sustainable industrialization and foster innovation.
References
- ↑ http://www.g20.utoronto.ca/2015/G20-Inclusive-Business-Framework.pdf%5B%5D
- 1 2 3 Schoneveld, George C. (December 2020). "Sustainable business models for inclusive growth: Towards a conceptual foundation of inclusive business". Journal of Cleaner Production. 277: 124062. doi: 10.1016/j.jclepro.2020.124062 .
- ↑ https://www.nbs.net/s/NBS-SA_Main_Report-161128.pdf%5B%5D%5B%5D