Which concept refers to the efficient use of a business's assets to ensure longevity and proper functioning?

The concept that refers to the efficient use of a business's assets to ensure longevity and proper functioning is economic sustainability. This principle focuses on maintaining and enhancing the economic viability of a business over the long run, ensuring that resources are used wisely and responsibilities towards stakeholders are met. Economic sustainability involves balancing profit generation with responsible asset management, allowing a business to remain operational and competitive while being mindful of its financial health.

In contrast, environmental sustainability primarily concerns how business operations impact the environment, seeking to minimize ecological footprints and promote responsible resource use. Social sustainability deals with the social impacts of business practices on communities and individuals, emphasizing ethical practices and positive community interactions. Profit maximization, while crucial for business success, does not inherently guarantee sustainable practices or address the broader implications of resource use, making it a narrower focus compared to economic sustainability.