Contemporary Socio-Economic Issues and Businesses

Question 1

Give an example of a contemporary socio-economic issue that challenges businesses

Answer 1

Unemployment, inequality, environmental pollution

Question 2

How can you identify socio-economic issues in scenarios?

Answer 2

Look for social or economic problems that affect businesses

Question 3

Discuss the impact of socio-economic issues on businesses

Answer 3

Can affect customer spending, workforce availability, and regulations

Question 4

Give an example of ethical misconduct in business

Answer 4

Sexual harassment, corruption, mismanagement of funds

Question 5

Discuss the impact of piracy on businesses

Answer 5

Loss of revenue, damage to brand, legal issues

Question 6

What are three solutions to piracy

Answer 6

Copyright, patent, trademark

Question 7

How do copyright, patents, and trademarks help?

Answer 7

Protect intellectual property

Question 8

Define industrial relations

Answer 8

The relationship between employers and employees

Question 9

What are strikes, go-slows, and lockouts?

Answer 9

Actions taken by workers or employers during disputes

Question 10

What is the purpose of the Labour Relations Act?

Answer 10

To regulate labor relations and protect workers’ rights

Question 11

Define trade unions

Answer 11

Organizations that represent workers’ interests

Question 12

What are some roles of trade unions?

Answer 12

Addressing poverty, job creation, and worker rights