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Business > Contemporary Socio-Economic Issues > Flashcards

Contemporary Socio-Economic Issues Flashcards

1
Q

Provide the definition of Socio-economic issues.

A

Aspects that have a negative effect on the individual, communities and business. These issues are societal and economic factors in the macro environment.

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2
Q

Give 4 reasons why Socio-economic issues pose a challenge to businesses.

A
  • Can lead to decreased business costs and decreased profitability.
  • Businesses may not be weel supported by customers because of their limited disposable income.
  • Counterfeitng, bootlegging and crime may lead to loss of profit.
  • Absenteeism of employees affected by HIV/AIDS will result in a decrease of productivity.
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3
Q

What is the meaning of Inequality?

A
  • It arises when some individuals are more prosperous than other or are given better opportunities than other individuals in society.
  • Some have more money, which provides access to education, basic health care and social services.
  • Contributes to poverty
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4
Q

What is the meaning of Poverty?

A
  • Lack of resources to meet basic human needs.
  • Low level of education and limited stocks.
  • Gives rise to crime.
  • Can’t meet basic human needs.
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5
Q

Give 3 impacts of Inequality and Poverty on businesses.

A
  • Businesses may not grow because of reduced sales figures.
  • Limited customer spending means that businesses record lower sales figures.
  • Businesses are pressurised by media attention to poverty into investing in poor communities.
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6
Q

What is the meaning of Inclusivity?

A
  • Everyone should have equal opportunities irrespective of race, gender, sexuality, disability, religion and education.
  • Aims to address discrimination of persons based on gender and disability.
  • Aims to address imbalances such as businesses only employing male staff members in management and top positions.
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7
Q

Give 3 purposes of Inclusivity in workplaces.

A
  • Goal is to ensure that the business implements fair labour practices.
  • Seeks to address the inequalities of the host.
  • Tries to ensure that the physical business setting makes provision for individuals.
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8
Q

What is unemployment?

A

Situation that individuals find themselves in when they are willing and able to work but unable to find work.

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9
Q

What term do we use to measure unemployment?

A

Unemployment rate

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10
Q

What is the impact of Unemployment?

A
  • Businesses become less profitable and lack resources to continue growing which stagnate the economy.
  • Uncertainty, decreses in competition, high crime rates and poverty are some consequences.
  • Youth unemployment negatively affects the broader community.
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11
Q

What does Unproductive Workforce means?

A
  • Some employees aren’t making sufficient physical or mental effort to produce enough work to justify their wage.
  • Business can’t dismiss unproductive workers.
  • Affects profit of business as less work is done.
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12
Q

Give 3 impacts of an Unproductive labour force.

A
  • Sales may not be made
  • Customers may not be cared for properly
  • Distracted employees decrease the company’s performance.
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13
Q

Give 3 solutions for an Unproductive labour force.

A
  • Clear communication and good management improves productivity.
  • Incentitives motivate employees to work more efficiently.
  • Skills training increases worker morale and loyalty.
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14
Q

Give 3 negative impacts of HIV/AIDS on businesses.

A
  • Increased employee absenteeism
  • Reduced productivity
  • Additional expenses.
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15
Q

What are the 2 types of Gambling?

A

Legal and Illegal gambling

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16
Q

What is Illegal gambling?

A

Unlicensed businesses offer gambling to the public. Can take place in poor communities.

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17
Q

What is Legal gambling?

A

If it’s been authorised in terms of National Gambling act 7 of 2004 and respective provincial legislation.

18
Q

What is the impact of gambling on businesses?

A
  • Individuals losing cash display lower morale levels
  • Promotes corruption in business
  • Employees may be absent regularly
19
Q

What is Money laundering?

A
  • Process by which unlawful profits from crime are invested in valid businesses to cover up their wrongdoing.
  • Source of money is camouflaged.
20
Q

What is a Pyramid Scheme?

A
  • Businesses that may potentially yield high revenues for people who invest their money in them.
  • Only individuals at the top of the pyramid recieve large sums of money.
21
Q

What is Piracy?

A
  • Illegal copying or reproduction of somebody’s product that affects business operations.
  • Illegal copying of music, videos, mvies or computer programs registered by another company.
22
Q

What is the negative impact of Piracy on businesses?

A
  • Decline in sales
  • Spend money taking legal action
  • Forced to implement price adjustment strategies.
23
Q

Name the 3 methods of dealing with Piracy?

A

Copyright, Patents and Trademarks

24
Q

What is Copyright?

A

Businesses can sue someone who infringes the copyright.

25
Q

What is a Patent?

A

Businesses can take out a patent for new inventions and include a sample of their invention with a application.

26
Q

What is a Trademark?

A

Use trademarks to identify themselves and their products. Registered trademarks are protected forever.

27
Q

What is Counterfeiting?

A

The process of fraudulently manufacturing, altering or distributing a product that is of lesser value than the original value.

28
Q

What is the negative impact of Counterfeiting on businesses?

A
  • Decline in sales
  • Legal costs increase business expenses
  • Profits will be reduced
29
Q

What is Bootlegging?

A

Unlawfully manufacturing fake goods for sale. Recording of live or broadcast performances without the permission of performers and copyright holders.

30
Q

What is the negative impact of bootlegging on businesses?

A
  • Loss of sales
  • Lower profits
  • Expenses will be increased because of legal costs
31
Q

Provide the definition of Industrial Action?

A

Used by employees to ensure that the employer recognises and takes cognisance of employees demands in the workplace.

32
Q

What is a Strike?

A

Employees refuse to work, it’s a result of a dispute. Trade union must give notice to employer.

33
Q

What is the negative impact of Strikes on businesses?

A
  • Production losses and reduction in sales
  • Businesses may be forced to close operations
  • Businesses may incur damages to their premises.
34
Q

What is a Political disturbance?

A

Occurs when groups of people voice their objection to show their disapproval of the handling of different situations in the country. People may protest becuase of a lack of service delivery.

35
Q

What is the negative impact of Political disturbances on businesses?

A
  • Incur damage to premises
  • Small businesses may be forced to lose
  • Business can’t operate at full capacity.
36
Q

What is Violence?

A

An extreme physical force exercised over someone to cause severe injury and grievous bodily harm or damage to property.
May be caused by misunderstandings and frustrations.

37
Q

Give 3 examples of Violence.

A

Looting, Car hijackings and Xenophobic attacks

38
Q

What is the impact of Violence on businesses?

A
  • Negative effect on workforce as it impacts safety of workers.
  • Lack of productivity due to trauma.
  • Business spends money on counselling for workers.
39
Q

What is Crime?

A

Any prohibited activity that is punishable by law.
Loss of goods due to theft, corruption, abuse, hijackngs and burglaries. High poverty levels can increase crime rate.

40
Q

What is the negative of Crime on businesses?

A
  • Staff productivity is reduced.
  • Business have higher costs because of counselling.
  • Businesses in crime areas will be poorly supported.

Business (14 decks)

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