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Business 1 Grade 11 Term 1+2 > T1: t4: Contemporary Socio-economic Issues > Flashcards

T1: t4: Contemporary Socio-economic Issues Flashcards

1
Q

List the contemporary Socio-economic issues

A
  1. Low-income levels
  2. Inflation
  3. Social, cultural and demographic issues
  4. Economic crime
  5. Ethical misconduct
  6. Population growth
  7. Illiteracy
  8. Lack of skills
  9. Unavailability of natural resources
  10. Exhaustion of natural resources
  11. Inefficient use of resources
  12. Dumping
  13. Strikes
  14. Piracy
  15. Unemployment
  16. Crime
  17. HIV and Aids
  18. Poverty
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2
Q

Impact of low-income levels

A
  1. Decrease in demand results in decrease in turnover and profit
  2. People who earn low salaries and wages may become dishearted, this influences productivity negatively
  3. Consumers shift to cheaper brands of certain products
  4. Poverty can lead to crimes
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3
Q

Impact of inflation

A
  1. Increased costs of raw materials and other inputs
  2. Leads to optimum productivity whereby business has to produce the maximum output using minimum input
  3. Decreased consumer spending leads to decreased sales and profitability
  4. Employees may be retrenched, leading to increased unemployment and decreased buying power
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4
Q

Impact of social, cultural and demographic issues

A
  1. Different groups with different cultures will behave differently as consumers which affects marketing strategy and sales
  2. New fashion and cultural trends create different kinds of consumers which results in a decrease of sales of existing products
  3. Some businesses may not keep abreast with current trends and may lose market share
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5
Q

Impact of economic crime

A
  1. Loss of income if money was stolen from business
  2. Loss of jobs if business has to close down
  3. Decrease in investor confidence leading to poor economic and business growth as business might lose investors
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6
Q

Types of economic crime

A
  1. Fraud
  2. Money laundering
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7
Q

Impact of ethical misconduct

A
  1. SA victims may experience lack of concentration and productivity
  2. High staff TO due to people leaving
  3. Owners involved face criminal charges
  4. Bad publicity and loss of customers + potential investors
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8
Q

Types of ethical misconduct

A
  1. Sexual harassment
  2. Corruption
  3. Mismanagement of funds
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9
Q

Impact of population growth

A
  1. Excessive growth increases unemployment and crime
  2. Consumers have less income and business decreases in sales
  3. Municipal and health services may be expensive resulting in consumer having less money to spend on other products
  4. More land will be used to build houses meaning decrease in agricultural land and basic food supply
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10
Q

Impact of illiteracy

A
  1. Business needs to employ people, even if they don’t have correct skills
  2. Training can be costly and business suffers financial loss
  3. Employees without correct skills can cause workplace accidents and impact on business image
  4. Difficult to market products to illiterate people
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11
Q

Impact of lack of skills

A
  1. Business can’t find candidates with adequate skills and experience
  2. End up appointing unqualified candidate resulting in bad decision making by employees and poor products or services
  3. Training is expensive and productivity will be affected as it takes time for newly trained employees to learn their jobs
  4. Cost of labor becomes expensive as some businesses recruit candidates from abroad
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12
Q

Impact of unavailability of natural resources

A
  1. Coal unavailability led to electricity shortage in SA
  2. Many businesses lose money due to loadshedding and power failure
  3. Lack of transport due to oil scarcity may affect business
  4. When resource supply is threatened, it may have a negative impact on the business operation and hamper production processes
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13
Q

Impact of inefficient use of resources

A
  1. Business can’t continue operating if resources are depleted
  2. Loss of productivity if operations halt due to unavailability of resources
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14
Q

Impact of exhaustion of natural resources

A
  1. Supply and quality of resources may decline which will have a negative effect on production process
  2. Some natural resources may be scarce or exhausted in future which means business has to find an alternative resource for production
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15
Q

Impact of dumping

A
  1. Loss of profits as some local producers can’t compete with cheaper prices
  2. May be forced to shut down operations due to lost revenue
  3. Decrease in local production and loss of jobs
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16
Q

Impact of strikes

A
  1. Lead to production losses and decrease in sales
  2. Business image or reputation may be damaged
  3. Limited availability of labour
  4. Supply of goods or services are interrupted
17
Q

Impact of piracy

A
  1. Business loses out on sales and income
  2. Business loses out on productivity and profits
  3. Leads to job losses
  4. Businesses are reluctant to develop new talent due to high risk involved
18
Q

Solutions to piracy

A
  1. Patent
  2. Trademarks
  3. Copyright
19
Q

Ways businesses can deal with unemployment

A
  1. Provide skills development programs through learnerships
  2. Offer bursaries to community to improve level of education
  3. Create jobs for community members
  4. Provide entrepreneurial programmes that promote self employment
20
Q

Inpact of crime

A
  1. Insurance and security costs become expensive
  2. Business loses money due to stolen stock
  3. Increased health costs due to injuries or stress
  4. Discourages foreign investment and decreases tourism
21
Q

Ways businesses can address HIV and Aids

A
  1. Develop counseling programs for infected or affected employees
  2. Conduct workshops on HIV and Aids programs
  3. Ecourage employees to join support groups
  4. Develop strategies to deal with stigman and discrimination
22
Q

Impact of poverty

A
  1. Affects consumer spending as poor people have little ability to buy goods
  2. If people can’t spend money, business can’t grow
  3. Media attention has led to expectations that businesses will invest in poor communities but this is an extra demand placed on the business
23
Q

Purpose of the Labour Relations Act

A
  1. Promotes resolutions for labour disputes
  2. Promotes fair employment practices
  3. Outlines relationship between employees and employers
  4. Deals with strikes, lockouts and go-slows
24
Q

Reasons for the establishment of trade unions

A
  1. Engaging in industrial action
  2. Taking political action to influence government strategy
  3. Establishing minimum economic and legal conditions
  4. Providing protection for members
25
Q

Role of trade unions

A
  1. Ensure that employers include employees in decision making process
  2. Ensure than employees are treated fairly and respected
  3. Serves as mechanism through which employees have a collective voice in the workplace
  4. Unions communicate to company’s management the members’ grievances (unfair dismissal, low wages, conditions of service)
26
Q

Functions of trade unions

A
  1. Protecting workers interests
  2. Influencing government decisions
  3. Advancing members’ interests
  4. Supporting gender equality
27
Q

Types of industrial actions:

A
  1. Strikes
  2. Go-slows
  3. Lockouts

Business 1 Grade 11 Term 1+2 (5 decks)

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