Grade 8 Business Studies - Standard of Living and Related Concepts

Flashcards about business studies topics, including standard of living, lifestyles, economic development, unemployment, productivity, and prosperity in South Africa.

Standard of Living

Wealth and comfort, reflecting the quality of a person’s life, influenced by income, employment, poverty rates, housing, healthcare access, education quality, infrastructure, environment quality, and safety.

Lifestyles

The way people live, influenced by physical, social, and economic environments; examples include rural, modern, and self-sufficient societies.

Self-Sufficient Society

A society able to sustain itself without external support, producing its own food, clothing, and shelter; modern examples include 'Kibbutz' in Israel and 'going off the grid' in South Africa.

Rural Society

A small population spread over a large area with a simpler, communal lifestyle, limited technology, and some degree of self-sufficiency, but often faces low education, income, and limited access to healthcare.

Modern Society

Characterized by industrialization, technology dependence, emphasis on education, availability of goods and services, higher life expectancy, and recognition of gender equality; relies on salaries to buy goods and services.

Impact of Economic Development on the Environment

Includes sustainable growth and development, responsible resource use, and contribution to a higher standard of living through economic, social, and environmental sustainability.

Sustainable Development

Meeting consumer needs while responsibly using resources; addresses issues like irresponsible energy use, mineral exploitation, deforestation, carbon dioxide footprints, water pollution, and overfishing.

Sustainable Commitment

Businesses using resources productively and responsibly, emphasizing renewable energy and preserving the environment for future generations while reducing their Carbon Footprint.

Economic Principle

The concept of minimizing input while maximizing output to produce more products with fewer resources, leading to economic growth and a higher standard of living.

Economic Sustainability

A business's ability to use resources responsibly over the long term while achieving its profit motive.

Social Sustainability

The impact of a business on the community, fostering a positive long-term relationship for labor and customer support.

Environmental Sustainability

A business's responsibility to assess and reduce/eliminate the negative effects of its operations on the environment.

Unemployment

A state where someone is willing and capable of working but cannot find a job; affects individuals, families, and society, leading to mental/physical health issues, political issues, increased crime, and decreased standard of living.

Productivity

Output (production of goods and services) divided by input (capital, raw materials, and labor); improving it involves increasing output while keeping input the same or reducing it.

Advantages of Improving Productivity (Business)

Using byproducts for profit, benefiting from the economic principle, achieving expansion opportunities, and promoting commitment to innovation.

Advantages of Improving Productivity (Government & Economy)

More taxes for the government, increased possibility of more jobs, lower unemployment, economic growth, foreign investment, and increased exports.

Advantages of Improving Productivity (Workers)

Increased profits and job opportunities, higher wages, increased standard of living, and skill improvement through training.

Advantages of Improving Productivity (Consumers)

More effective use of factors of production may lead to lower prices for goods and services.

Global Prosperity Index

Ranks 149 countries based on economic quality, business environment, governance, education, health, safety and security, personal freedom, social capital, and the natural environment; South Africa ranked 48th in 2016.