Basically, sustainable development is "meeting the needs of the current generations without compromising the ability of future generations to also meet their needs." To meet those ends, it incorporates concepts of conservation/preservation, social justice, and consumption/over-consumption patterns (among other concepts) as well as taking into account personally living a meaningful and rewarding life, without infringing on others' ability to do the same. It will only minimize negative impacts through raising awareness of consequences to a point where people consider the potential implications of their actions. For a practical, real-world example of the application of sustainable development principles, look up the "cradle to cradle" movement.
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