TERM 1 - Topic 1.4 - Contemporary socio-economic issues Flashcards
Explain / Define the following:
Socio-economic issue
Issue that is affected by SOCIAL& ECONOMIC environments
Explain / Define the following:
Intellectual property rights (IP)
Exclusive rights that someone has to use their OWN plans, ideas without the worry of competition
Explain / Define the following:
Copyright
Exclusive rights to make COPIES, license and to sell books, music, movies, etc. that belong to you
Explain / Define the following:
Patents
It is a legal licence - providing exclusive rights to make, use and sell an invention
(example: when you invent a special collar for sheep, preventing caracal from getting to their necks and killing them. You can patent this invention, now no-one can copy it. You will be the only one who can make this special collar)
Explain / Define the following:
Trademarks
Symbol or word/s that is registered to a company, no-one else may use it
(example: Coke)
Explain / Define the following:
Piracy
Illegal copying of books, DVD’s, CD’s, etc.
(This is bad for the entertainment/publishing industry as artists get a percentage of sales for their song or book. It costs artists lots to produce a song/book. If someone copies a book/song, that person is stealing from the artist’s income)
Explain / Define the following:
Bootlegging
Making, distribution or selling ALCOHOL illegally
(affects liquor stores who pays for liquor licences every year to trade legallly. With bootlegging, there are no control over who buys the alcohol and the quality of the quality)
Explain / Define the following:
Counterfeit goods
Cheaper versions of original expensive items (being passed off as originals)
(people are fooling the customers by pretending to provide popular brands for much cheaper)
Explain / Define the following:
Industrial action
Action taken by employees/workers to protest against something
(often workers strike because of salary reasons)
Explain / Define the following:
Strikes
Workers refuse to work until their demands are met
(businesses don’t have to pay salaries during a legal strike, but production stops and it costs the business lots of money)
Explain / Define the following:
Go-slows
Workers deliberately slow down the pace of work
(infuence production or will frustrate shoppers in the shop)
Explain / Define the following:
Picketing
Demonstrating with posters, at a specific place (example, entrance to a building)
(method of peaceful protest)
Explain / Define the following:
Lockout
Not allowing workers on the business premises (usually during a dispute)
(if no resolution can be reached, the employer is to follow all the steps required by law)
Explain / Define the following:
Labour Relations Act
Set of laws regulates -
* economic development
* social justice
* labour
* peace
(maybe just know one or two points)
Labour Relations Act (Act 66 of 1995) - every business and employer must adhere to these laws. If they don’t, they can be ………………
sued or fined heavily
Explain / Define the following:
Trade union
An association formed to PROTECT the rights of workers
(they negotiate wages with management and represent their members in disputes)
Explain / Define the following:
Collective bargaining
Negotiating WAGES and WORK CONDITIONS (usually with a union)
Explain / Define the following:
Mediation
Process of intervening in a dispute, to try and resolve it
(when management is not able to reach an agreement with the trade union, they use a mediator then. Example: CCMA - Commission for Conciliation, Mediation and Arbitration)
Explain / Define the following:
Arbitration
Process of using an OBJECTIVE person to help settle a dispute
(During mediation, someone will decide on the outcome of the dispute - this is the arbitrator)
Explain / Define the following:
Grievance procedure
Process of lodging a complaint against someone/something in the workplace
(EXAMPLE: when a worker is not happy about a specific working condition, they start a grievance procedure)
Explain / Define the following:
Dumping
Surplus supplies sold elsewhere at much lower prices
There are 15 SOCIO-ECONOMIC challenges for businesses.
See how many you can name?
1) Dumping
2) Piracy
3) Strikes
4) Ethical misconduct (bribery)
5) HIV/AIDS (affects the workforce/families)
6) Lack of skills (lack of skilled people)
7) Illiteracy (lack of reading/writing skills)
8) Population growth (increase demands for goods)
9) Social,cultural, demographic issues (influences)
10) Exhausting natural resources
11) Unavailability of natural resources
12) Incorrect use of resources (wastages)
13) Inflation (constant increase of prices)
14) Economic crime (theft/fraud)
15) Income (people earning too little)
Name 4 different FORMS of
INDUSTRIAL ACTION
Labour strikes
Lockouts
Go-slows
Picketing
Name 5 roles a TRADE UNION will play
*PROMOTE best interests of its members
*PROTECTING member’s interests
*NEGOTIATE wages/working conditions
*Free LEGAL advice
*Provides SELF-IMPROVEMENT benefits
A Trade Union has THREE functions, for example, the CCMA.
Name their functions
1) Collective Bargaining
2) Mediation
3) Arbitration
Explain the STEPS of a grievance procedure
1) Employee/worker submits WRITTEN statement
of the grievance to immediate line manager or
HR manager
2) Manager calls a MEETING to try and RESOLVE
the matter. The worker may have a
representative present.
3) If worker is still unhappy, they can call for an
APPEAL MEETING with higher management.
In the scenario of a GRIEVANCE PROCEDURE, you will normally submit a written statement to your line manager. If you line manager is the person whom you have a problem with, who can you go to?
HR Manager
Explain the impact of violent crime and theft on a business.
Provide one possible solution.
Impact -
Scared staff / steal business tock / higher cost of security
Solution -
Install security system / employ security staff
Explain the impact of violent crime and theft on a business.
Illiteracy.
Impact -
Limits the skills of staff, pool of labour resources, increases costs of recruitment and training
Solution -
Provide training
Explain the impact of violent crime and theft on a business.
Strikes
Impact -
Productivity will decrease / staff unhappy
Solutions -
Open negotiations before the situation reaches strike stage / work with unions
Explain the impact of violent crime and theft on a business.
unavailability of natural resources
Impact -
Cannot continue making the goods you produce / costs increase to find resources
Solution -
Find alternatives to the raw materials you use / change the product range slightly
Explain the difference between ……..
COPYRIGHT
and
TRADEMARK
COPYRIGHT
= has the symbol (c)
= exclusive rights to make copies, licence and sell
books, music, movies, etc
TRADEMARK
= has the symbol (r)
= registered to a company and no one else may
use without permission
Complete the sentence with the correct word:
For liquor stores, ………………………..undermines their business as there is no control over who buys the alcohol and what the quality of the alcohol is.
bootlegging
Complete the sentence with the correct word:
Most artists get a percentage of sales for their song or book but they lose this money through ………………. when someone makes illegal copies of these and sells them for their own profit.
piracy
Complete the sentence with the correct word:
Popular expensive branded products that are copied exactly using inferior materials and sold very cheaply are called …………………………. goods.
counterfeit
