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BUSINESS P1 > Contemporary Socia Economic Issues > Flashcards

Contemporary Socia Economic Issues Flashcards

1
Q

What is socio economic issues

A

Refers to problems that negatively affect people and the economy

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2
Q

What is inequality

A

Everybody is not equal

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3
Q

What’s the main reason for poverty

A

Inequality

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4
Q

What are other reasons for poverty

A

Illiteracy
Lack of education
High costs of living
Lack of job opportunities

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5
Q

How does inequality and poverty influence businesses

A
  • Cost of inequality and poverty for businesses are high, they spend money on social responsibility programs.
  • shrinks the market
  • leads to crime and robbery and shoplifting, spend money on security
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6
Q

What does inclusivity mean

A

It means that no one should be discriminated against

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7
Q

What is discrimination

A

When a person is excluded from something

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8
Q

How does inclusivity influence businesses

A

Businesses had to adapt their policies to comply with legislation that promotes inclusivity

Businesses that comply with this legislation are considered for state contracts

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9
Q

What is unemployment

A

When you are looking for employment but you can’t find

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10
Q

Why are people unemployed

A

Lack of skilled and qualifications

Retrenchment due to poor economic conditions

Lack of job opportunities

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11
Q

When is someone unproductive

A

When someone can’t complete a reasonable amount of work in a reasonable amount of time

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12
Q

How does an unproductive labor force influence businesses

A

Limit growth and expansion

Increase labor costs

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13
Q

What does HIV stand for

Does HIV cause aids

A

Human immunodeficiency virus

Yes

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14
Q

How does HIV influence businesses

A

High absenteeism - more sick leave

Reduction in labor force - eventually stop working

Reduction in countries work force - HIV prevalence rate in SA is high

Increases recruitment costs - hire more employees frequently

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15
Q

What is gambling

A

Mean to bet on something of which the outcome is not certain

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16
Q

What are the different forms of gambling

A

Casino gambling

National lottery

Betting on horses

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17
Q

What is the problem with pyramid schemes

A

Runs out of new investors quick

People are deceived into thinking they will make money when in fact it’s only a matter of time before it collapses

18
Q

What is money laundering

A

Refers to hiding the source of money that was obtained illegally

19
Q

Influences that gambling has on businesses

A

Theft

Cost of rehabilitation

Loss of productivity

Criminal charges

20
Q

When does piracy take place

A

When a person makes a copy of goods protected by copyright laws or trademark laws without consent of the owner

21
Q

How does piracy influence businesses

A

Financial losses

Businesses found guilty face fines and owners face criminal charges

22
Q

What is a counterfeit product

A

A copy of an original product

23
Q

Bootlegging refers to…..

A

Smuggling

24
Q

When does smuggling take place

A

When goods are brought into a country illegally

25
Q

Influences counterfeiting, bootlegging and imitations have on businesses

A

Businesses lose money that could have been used for expansion

Counterfeit goods often result in price increase

26
Q

What is a strike

A

Result of a labor dispute, takes place of workers refuse to work

27
Q

What is a labor dispute

A

A conflict of interest between member of trade union and their employers

28
Q

What are the most common reasons for strikes

A

Wages

Working hours

Working conditions

29
Q

What are the different types of strikes

A

Go slow

Sympathy strike

Sit down strike

Wildcat strike

Work to rule

Lock out

30
Q

How does strikes influence businesses

A

Scare off potential all investors

Product losses

Sometimes businesses close down

Income loss

31
Q

What is violence

A

Refers to an act of aggression and involves the use of force

32
Q

What are the different kinds of violence

A

Political violence

Emotional violence

Physical violence

Domestics violence

33
Q

How does violence influence businesses

A

Political violence scares off investors

Businesses in violent stricken areas may need to close for duration of violence

Employee affected by violence may be less productive

34
Q

What is crime

A

Refers to activities that are against the law

35
Q

What are the various forms of theft

A

Shoplifting

Robbery

Burglary

Hijacking

36
Q

What is corruption

A

Refers to acts of dishonesty

37
Q

What are two examples of corrupt acts

A

Bribery

Kickbacks

38
Q

How does crime effect businesses

A

Loss of income

Increase in expenses

Loss of employees who emigrated

Loss of productivity

39
Q

What is abuse

A

Means not to use something for the purpose it was intended for

40
Q

What are the different kinds of abuse

A

Abuse of power

Abuse of money

Substance abuse

Abuse of work time

BUSINESS P1 (5 decks)

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