Contemporary Socia Economic Issues Flashcards
What is socio economic issues
Refers to problems that negatively affect people and the economy
What is inequality
Everybody is not equal
What’s the main reason for poverty
Inequality
What are other reasons for poverty
Illiteracy
Lack of education
High costs of living
Lack of job opportunities
How does inequality and poverty influence businesses
- 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
What does inclusivity mean
It means that no one should be discriminated against
What is discrimination
When a person is excluded from something
How does inclusivity influence businesses
Businesses had to adapt their policies to comply with legislation that promotes inclusivity
Businesses that comply with this legislation are considered for state contracts
What is unemployment
When you are looking for employment but you can’t find
Why are people unemployed
Lack of skilled and qualifications
Retrenchment due to poor economic conditions
Lack of job opportunities
When is someone unproductive
When someone can’t complete a reasonable amount of work in a reasonable amount of time
How does an unproductive labor force influence businesses
Limit growth and expansion
Increase labor costs
What does HIV stand for
Does HIV cause aids
Human immunodeficiency virus
Yes
How does HIV influence businesses
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
What is gambling
Mean to bet on something of which the outcome is not certain
What are the different forms of gambling
Casino gambling
National lottery
Betting on horses
What is the problem with pyramid schemes
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
What is money laundering
Refers to hiding the source of money that was obtained illegally
Influences that gambling has on businesses
Theft
Cost of rehabilitation
Loss of productivity
Criminal charges
When does piracy take place
When a person makes a copy of goods protected by copyright laws or trademark laws without consent of the owner
How does piracy influence businesses
Financial losses
Businesses found guilty face fines and owners face criminal charges
What is a counterfeit product
A copy of an original product
Bootlegging refers to…..
Smuggling
When does smuggling take place
When goods are brought into a country illegally
