Topic 7 Contemporary Socio Economic Isssue

Question 1

Socio economic issues meaning

Answer 1

Aspects have a negative effect on the individual communities and business.

Question 2

Why socio economic issues pose a challenge to businesses

Answer 2

Counterfeiting bootlegging and crime may lead to profit loss 4 business.
Absenteeism of employees affected by HIV / AIDS will result in decrease of productivity

Question 3

Inequality

Answer 3

Contributes to poverty in the country.
Some people have more money than other can therefore access education, basic health care and social services

Question 4

Poverty

Answer 4

Defined as lack of resources to meet basic human needs.
Poverty can often rise to crime.

Question 5

Impact of inequality and poverty

Answer 5

Businesses may not grow because of reduces sales figures.
Limited customer spending means that business record lower sales figures.

Question 6

Inclusivity meaning

Answer 6

Means everyone should have access to equal opportunities , irrespective of their race , gender , sexual orientation, disabilities , religion and education.

Question 7

Purpose of inclusivity

Answer 7

It seeks to redress the inequalities of the past.
Try to ensure that the physical business setting makes provision for individual with disabilities.

Question 8

Negative impact HIV / AIDS

Answer 8

Reduce productivity of affected employees.
Increased employee absenteeism because of medical appointments for doctor or clinic visits

Question 9

Types of gambling

Answer 9

Pyramid Schemes
illegal gambling
Money laundering

Question 10

Pyramid schemes

Answer 10

Refers to business that may potentially yield high revenues for people who invest their money in them.

Question 11

Illegal gambling

Answer 11

When unlicensed business offer gambling to the public.
Activities can take place in poor communities.

Question 12

Money laundering

Answer 12

Process by which unlawful profits from are invested in valid business to cover up their wrong doing

Question 13

Impact of gambling

Answer 13

Employees who gamble themselves into financial difficulties may be absent from work regularly.
Gambling duch money laundering promotes corruption in the business.
The employees may suffer from depression and thereby not be able to focus on work task and responsibilities

Question 14

Meaning of piracy

Answer 14

Illegal copying of reproduction of somebody’s products that affects business operations.

Question 15

Negative impact of piracy

Answer 15

Businesses will spend money if they need to take legal action against people who cooy their products or music.

Question 16

Methods of dealing with piracy

Answer 16

Copy right
Patent
Trademarks

Question 17

Copyright

Answer 17

Business can take legal action against people who copy their products.
Businesses can sue someone who infringes the copyright.

Question 18

Patent

Answer 18

They can bring legal proceedings against anyone who uses their invention.
The invention must comply with patent act no. 57 ofn1978

Question 19

Trademarks

Answer 19

Damages may be claimed from someone who infringes the trademark.
A registered trademark may not be used by another person / business

Question 20

Copy right meaning

Answer 20

Legal protection given to og inventor of an idea so that it cannot be reproduced without his or her permission.

Question 21

Patent meaning

Answer 21

Right granted to the owner or inventor to prevent anyone from producing , using or importing the invention for a limited period of 20 years

Question 22

Trademarks

Answer 22

Name , representation or design used by a company for its product so that it cannot be used by anyone else

Question 23

Counterfeiting

Answer 23

Losses are incurred by businesses of the og product leading to and increase in prices
E.g branded clothing , shoes , soccer jerseys

Question 24

Neg impact of counterfeiting

Answer 24

Business may be forced to increase their prices to reduce impact of illegal products.
Business profits will be reduced because customers buying cheaper products .
Due to circulation of counterfeited products a decline in sales may be experienced in businesses

Question 25

Bootlegging

Answer 25

Unlawfully manufacturing fake goods for sale.
Refers to the recording of live broadcasting performances without permission.
E.g fake Nike sneakers, fake ray ban

Question 26

Neg impact of bootlegging

Answer 26

Business will be affected negatively due to loss of sales.
Business expenditure may be increased due to legal costs if legal action needs to be implemented

Question 27

Strikes

Answer 27

Goslows , lockouts
The result of a dispute such as employee grievances or fear of being retrenched.
Trade union must give notice to employer when to strike

Question 28

Neg impact of strikes

Answer 28

Production losses and reduction in sales
Business may be forced to close operations after a strike
Bus may incur damages to premises Due to protests or legal action

Question 29

Political disturbances

Answer 29

Occurs when groups of people voice their objection to show their disapproval of handling of different situations in the country.