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CIPD Level 7 > LO 4 > Flashcards

LO 4 Flashcards

1
Q

What HR policies are effected by social media?

A
  • Consumer confidentiality
  • Data Protection
  • Business objectives
  • Disciplinary procedures
  • Intellectual property rights
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2
Q

What are the policy issues business’ face with regards to social media?

A
  • Networking security
  • Defining acceptable behaviour of internet and email
  • Smart phones and handheld computers
  • Social networking sites
  • Blogging and tweeting
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3
Q

What is macroeconomics?

A

The study of an economy in its largest sense.

Studies:

  • gross domestic product,
  • unemployment,
  • inflation, and similar matters.

It does not look at the function of individual companies and only tangentially studies individual industries.

It is useful in helping determine the aggregate effect of certain policies on an economy as a whole.

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4
Q

What is microeconomics?

A

Microeconomics is the study of:

  • individuals,
  • households
  • firms’ behavior in decision making and allocation of resources.

It generally applies to markets of goods and services and deals with individual and economic issues.

Description: Microeconomic study deals with what choices people make, what factors influence their choices and how their decisions affect the goods markets by affecting the price, the supply and demand.

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5
Q

What are the factors of production (economics)?

A
  • Land
  • Labour
  • Capital
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6
Q

What is GDP?

A

Gross domestic product is the best way to measure a country’s economy. GDP is the total value of everything produced by all the people and companies in the country. It doesn’t matter if they are citizens or foreign-owned companies. If they are located within the country’s boundaries, the government counts their production as GDP.

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7
Q

What is GNP?

A

GNP measures the levels of production of all the citizens or corporations from a particular country working or producing in any country. For example, the United States’ GNP measures and includes the production levels of any American or American-owned entity, regardless of where in the world the actual production process is taking place, and defines the economy in terms of the private or corporate citizens’ output. Therefore, it includes the compensation and investment income received by nationals working or investing abroad

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8
Q

What are the 3 types of economic systems?

A
  • Command (planned) economies
  • Free market Capitalist economies
  • Mixed market economies
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9
Q

What are the main features of a free market?

A
  • Individual economic units decide what, how, where and when to produce and consume, with reference to money prices.
  • Prices respond to the forces of demand and supply for individual goods and factors of production.
  • The outcome is a balance of demand and supply, with co-ordination of the economic activities of individual units and agents achieved through the price system
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10
Q

What are the main features of mixed market economies?

A
  • Co-existence of Private and Public Sector
  • Personal Freedom
  • Private Property is allowed
  • Economic Planning
  • Price Mechanism and Controlled Price
  • Profit Motive and Social Welfare
  • Check on Economic Inequalities
  • Control of Monopoly Power
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11
Q

What is Laissez-faire economic system?

A

is an economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs and subsidies.

The phrase laissez-faire is part of a larger French phrase and basically translates to “let (it/them) do”, but in this context usually means to “let go”.

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12
Q

What is Neo-Liberalism?

A

refers primarily to the 20th-century resurgence of 19th-century ideas associated with laissez-faire economic liberalism. Those ideas include economic liberalization policies such as privatization, austerity, deregulation, free trade and reductions in government spending in order to increase the role of the private sector in the economy and society.These market-based ideas and the policies they inspired constitute a paradigm shift away from the post-war Keynesian consensus which lasted from 1945 to 1980.

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13
Q

Advantages of Migration?

A
  • Make best use of all talents
  • Migrants have energy and enthusiasm (motivated to work)
  • Migrants 18-40 are a good source of younger labour
  • 7% of Labour force (Salt 2006) -15% of forms have 10% ethnic workforce
  • Fill low skilled jobs that are difficult to fill- they prevent wages rising too high
  • Migrant worker offer ethnic goods/services expanding the market
  • More beneficial for Migrants to work in the UK than work outsourced to their countries origin, why not, we benefit from their labours for 200 years!
  • Funds transferred back home relieve poverty.
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14
Q

Disadvantages to Migration? D

A
  • UK densely populate, Migrants put pressure on housing and jobs
  • Large amount of low skilled labour discourages more efficient production
  • Growth of the black economy- reducing tax revenue, increasing crime.
  • Maintaining control over Migrants is expensive
  • Migrants can be marginalised socially, remaining in communities, not integrating, social problems can develop.
  • Excessive migration and security problems (Nichiporuk 2000)
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15
Q

*Fact

A

Current world population growth is unsustainable.

Increased life expectancy from Africa and other undeveloped areas due to aid

Population will become older (living longer due to medical advancements). By 2030 15 million UK over pensionable age (11 million)

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16
Q

HOW ARE POPULATIONS PROJECTED?

A

The population of a geographic area grows or declines through the interaction of three factors: fertility, mortality, and migration. To project population size at a future date, demographers make assumptions about levels of fertility and mortality and about how many people will move into or out of an area before that date. The net population increase or decrease over the period is added to the “baseline” (beginning) population to project future population.

All of the major international agencies that project populations base their projections on current population estimates and assumptions about how fertility, mortality, and migration will change over time. Recent projection methodologies have focused on identifying uncertainty in projections — that is, on developing estimates of the probability that the future population size will fall within a certain range. Demographers try to measure the uncertainty of population projections by consulting other experts; analyzing errors in previous projections; and examining trends in fertility, mortality, and migration.

17
Q

WHAT DO PROJECTED TRENDS IMPLY?

A

Social, economic, and environmental changes, along with government policies, can influence future demographic trends — especially fertility levels — which ensure some uncertainty in population projections. Because of the compounding effects of past fertility levels on a population’s age structure, and the inherent uncertainty in projecting future trends, the long-range scenarios from various institutions span a wide range. Nevertheless, there are some similarities between the central or “most likely” projections and between the plausible ranges of population size projected by different institutions.

The U.S. Census Bureau pegs world population at 9.1 billion in 2050, compared with 9.3 billion for the latest medium projection by the UN, 8.7 billion from the World Bank, and 8.8 billion from IIASA. By 2100, the differences in the central estimates of these institutions widen to a billion or more, and differences between the low and high scenarios span more than 10 billion — from 4 billion to 16 billion.

18
Q

HOW CAN POLICYMAKERS AND PROGRAM PLANNERS BEST USE PROJECTIONS?

A

Policymakers and program planners can undertake several steps to make projections more useful for policy and planning purposes:

  • Understand the causes of uncertainty in population projections and the implications of this uncertainty for plans and policies that span different time horizons and target specific population groups;
  • Contribute to national and international efforts to collect more accurate demographic data — which would lead to more accurate assumptions about fertility, mortality, and migration and better projections;
  • Cooperate with national and international research efforts to develop more accurate projections by supporting organizations that investigate better projection methodologies, the demographic effect of HIV/AIDS, the effect of policies and programs on fertility trends, and similar topics.
19
Q

What is the impact of Migration on UK Population Growth?

A
  • More than half (55%) of the increase of the UK population between 1991 and 2016 was due to the direct contribution of net migration.
  • Differences in net migration assumptions between the ‘low migration’ and the ‘high migration’ variant projections produce a range of variation of 5 million in the projected size of the UK population in 2041 (between 70.4 and 75.4 million).
  • In the principal projection the cumulative net inflow of post-2016 migrants accounts for over half (61%) of total population growth until 2041. A further 16% of projected population growth is attributable to the additional contribution of new migrants to natural change (i.e. births and deaths).
  • The projected contribution of net migration to population change considerably differs across the four UK constituent nations. Without net immigration Scotland’s and Wales’ populations are expected to stagnate over the next decade and decrease in the longer term.
  • Net migration assumptions have been continually revised in the projections released since the mid-1990s, reflecting rising levels of net migration and the high uncertainty of migration forecasting. As a result, the projected size of the UK population at the beginning of the 2030s based on the latest projections is 10 million higher than in the 1994-based projections.
20
Q

What are the main fray of Neoliberalism?

A
  • Free Market
  • Corporate power
  • Financial Globalisation
  • Unregulated, ruthless capitalism
21
Q

Which politicians supported Neoliberalism and introduced reforms?

A
  • Margret Thatcher

- Ronald Regan

22
Q

Fact

A

The politicians in support of Neoliberalism used the IMF to destroy ideology to force privatisation and deregulation’s across the globe.

23
Q

What was/is the advantage of Neoliberalism for politicians in power for their countries?

A
  • Developing countries must obey policies implemented by politicians in power or they wouldn’t receive loan funds from IMF (who govern the agreement)
  • Diplomatic isolation.
24
Q

Neoliberalism…Poor countries had to…?

A
  • privatise assets
  • privatise public services
  • lower corporation tax
  • open up labour to the west.
25
Q

Fact

A

Western countries got richer from
exploiting cheap labour

Defined as Neoliberalism hegemony…

The richer get richer… the poorer get poorer.

Was shown the the financial crisis of 2007

26
Q

Fact

A

Global companies such as Microsoft, shell, Nike and Nokia successfully transferred some operations in other countries, including the UK, with economies of scale enabling them to undercut domestic competition.

27
Q

What impact did the new labour project have on the economy between 1997-2007

A

One steady economic growth, low unemployment, low inflation and a stable currency.

Public spending began to rise in Labours second administration (2001-2005), as expenditure on health and education rose nearer the levels in continental Europe. Serving as chancellor of the Exchequer for just over ten years meant Gordon Brown, a fierce advocate of globalisation, was the UK’s longest serving modern chancellor.

28
Q

What are the major measures Gordon Brown initiated between 2001-2005 (new labour project economy) ?

A
  • Making the Bank of England independent of government
  • changing the measure of inflation from the retail price index to the consumer price index
  • reducing the basic rate of income tax from 23% to 20%
  • reducing corporation tax from 33% to 28% and from 24% to 19% for small businesses
  • introduction of working tax credits
  • transferring responsibility for banking supervision to the Financial Services Agency
  • Supporting major expansions of government spending on healthcare and education
  • selling off some 60% of the UK’s gold reserves
  • raising U.K. tax revenue from 39.2% in 1997 to 42.5% in 2006
29
Q

What did Ferguson (2009) argue that the six interrelated financial phenomena in regards to the financial crisis?

A
  • by using debt to finance investment, many US and European banks had highly leveraged balance sheets.
  • a whole range of debts, both mortgages and credit cards, were re-bundled into bond-like securities and sold in the markets.
  • The monetary policies of the central banks focused on a narrow definitions inflation, ignoring ‘bubbles’ in stock and property prices.
  • the insurance industry branched out of traditional risk coverage into he market for derivatives, effectively selling protection against highly uncertain financial risks.
  • Politicians in both the United States and the UK sought to increase the percentage of households owning homes, using inducements to widen the mortgage market.
  • Asian governments, especially the People’a Republic of China, helped finance the US current account deficit by accumulating trillions of dollars international reserves.
30
Q

What are the main objectives of the coalitions joint agreement between the Conservative and Liberal Democrat parties include?

A
  • maintaining a stable macro-economic framework, with low inflation.
  • maintaining sound public finances
  • improving the quality and cost-effectiveness of public services
  • increasing productivity within the economy and expanding economic and employment opportunities for all
  • promoting productive investment, competition, innovation, enterprise, regulation and increased employability of people.
  • establishing a fair and efficient tax and benefit system with incentives to work, save and invest.
  • maintaining an effective accounting and budgetary framework and promoting high standards of regularity, propriety and accountability
  • securing an efficient market in financial services and banking, with fair and effective supervision.
  • Arranging for cost effective management of the governments debt and foreign currency reserves and the supply of notes and coins.
  • promoting international financial stability and the UK’s economics interests and the ideas through international co-operation, as a way of increasing global prosperity including protection of the most vulnerable groups.
31
Q

What sectors will labour skills increase by 2020?

A
  • Construction
  • Business
  • Trade and transport
  • Public health
  • Education
32
Q

What is the monetary policy?

A

Monetary Policy is the Marco-economic policy laid down by a country’s central bank and involves managing money supply and interest rates.

33
Q

How does the monetary policy effect HR?

A
  • Wages

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CIPD Level 7 (7 decks)

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