Contemporary Socio-Economic Issues Flashcards

Flashcards about contemporary socio-economic issues

Contemporary Socio-Economic Issues

Societal issues that negatively impact businesses and affect people and the economy negatively.

Low-Income Levels

Significant disparities in salaries between high and low earners, leading to inequalities.

Inflation

The general increase of prices, decreasing the purchasing value of money.

Social, Cultural, and Demographic Issues

Factors shaping how people live, work, produce, and consume, influenced by diverse populations.

Economic Crime

Unlawful use of money or gains from illegal business dealings, often concealed through shell companies; also known as white-collar crime.

Population Growth

Percentage change in a country's population resulting from births, deaths, and migrations.

Illiteracy

The inability to read or write, limiting employment opportunities.

Lack of Skills

Shortages in fields like education, medicine, engineering, and finance.

Unavailability of Natural Resources

Scarcity of resources like oil, coal, water, and gold.

Inefficiency in the Use of Resources

Wasting resources, implying that resources are being used poorly.

Exhaustion of Natural Resources

Overuse of natural resources leading to depletion, especially in farming, mining, and fossil fuels.

Dumping

Goods entering SA from other countries at cheaper prices because more is produced than the country can use

Strikes

A collective, organised stopping of working by employees to force the employers to accept their demands

Piracy

The unauthorized reproduction of another person's original work.

Patent

Prevents other businesses and people from producing the same product

Trademarks

Businesses can trademark to identify themselves and their products

Copyright

Businesses can sue anyone who infringes the copyright

Industrial Relations

The relationship between the employer and employees

Go-slows

Workers work as slowly as possible or reduce production output

Lockouts

Occurs when an employer locks employees out of a workshop

Trade Unions

An organisation that protects and lobbies for the rights of workers to represent their interest in negotiations with employers