Contemporary Socia Economic Issues

Question 1

What is socio economic issues

Answer 1

Refers to problems that negatively affect people and the economy

Question 2

What is inequality

Answer 2

Everybody is not equal

Question 3

What’s the main reason for poverty

Answer 3

Inequality

Question 4

What are other reasons for poverty

Answer 4

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

Question 5

How does inequality and poverty influence businesses

Answer 5

• 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

Question 6

What does inclusivity mean

Answer 6

It means that no one should be discriminated against

Question 7

What is discrimination

Answer 7

When a person is excluded from something

Question 8

How does inclusivity influence businesses

Answer 8

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

Businesses that comply with this legislation are considered for state contracts

Question 9

What is unemployment

Answer 9

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

Question 10

Why are people unemployed

Answer 10

Lack of skilled and qualifications

Retrenchment due to poor economic conditions

Lack of job opportunities

Question 11

When is someone unproductive

Answer 11

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

Question 12

How does an unproductive labor force influence businesses

Answer 12

Limit growth and expansion

Increase labor costs

Question 13

What does HIV stand for

Does HIV cause aids

Answer 13

Human immunodeficiency virus

Yes

Question 14

How does HIV influence businesses

Answer 14

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

Question 15

What is gambling

Answer 15

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

Question 16

What are the different forms of gambling

Answer 16

Casino gambling

National lottery

Betting on horses

Question 17

What is the problem with pyramid schemes

Answer 17

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

Question 18

What is money laundering

Answer 18

Refers to hiding the source of money that was obtained illegally

Question 19

Influences that gambling has on businesses

Answer 19

Theft

Cost of rehabilitation

Loss of productivity

Criminal charges

Question 20

When does piracy take place

Answer 20

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

Question 21

How does piracy influence businesses

Answer 21

Financial losses

Businesses found guilty face fines and owners face criminal charges

Question 22

What is a counterfeit product

Answer 22

A copy of an original product

Question 23

Bootlegging refers to…..

Answer 23

Smuggling

Question 24

When does smuggling take place

Answer 24

When goods are brought into a country illegally

Question 25

Influences counterfeiting, bootlegging and imitations have on businesses

Answer 25

Businesses lose money that could have been used for expansion Counterfeit goods often result in price increase

Question 26

What is a strike

Answer 26

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

Question 27

What is a labor dispute

Answer 27

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

Question 28

What are the most common reasons for strikes

Answer 28

Wages Working hours Working conditions

Question 29

What are the different types of strikes

Answer 29

Go slow Sympathy strike Sit down strike Wildcat strike Work to rule Lock out

Question 30

How does strikes influence businesses

Answer 30

Scare off potential all investors Product losses Sometimes businesses close down Income loss

Question 31

What is violence

Answer 31

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

Question 32

What are the different kinds of violence

Answer 32

Political violence Emotional violence Physical violence Domestics violence

Question 33

How does violence influence businesses

Answer 33

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

Question 34

What is crime

Answer 34

Refers to activities that are against the law

Question 35

What are the various forms of theft

Answer 35

Shoplifting Robbery Burglary Hijacking

Question 36

What is corruption

Answer 36

Refers to acts of dishonesty

Question 37

What are two examples of corrupt acts

Answer 37

Bribery Kickbacks

Question 38

How does crime effect businesses

Answer 38

Loss of income Increase in expenses Loss of employees who emigrated Loss of productivity

Question 39

What is abuse

Answer 39

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

Question 40

What are the different kinds of abuse

Answer 40

Abuse of power Abuse of money Substance abuse Abuse of work time