Understanding Socio-Economic Issues

A collection of vocabulary flashcards to aid in understanding socio-economic issues affecting businesses.

Socio-economic issues

Aspects that have a negative effect on individuals, communities, and businesses, including factors like inequality and poverty.

Inequality

The disparity in income levels and opportunities to better oneself among individuals in society.

Poverty

The lack of resources to meet basic human needs, leading to unemployment and low-quality living standards.

Inclusivity

The practice of ensuring equal opportunities for all employees regardless of race, gender, sexual orientation, disability, religion, or education.

HIV/AIDS

A virus that attacks the body's immune system, leading to a decline in productivity due to affected employees.

Counterfeiting

The fraudulent manufacturing or distribution of products that are of lesser value than the original.

Bootlegging

The unlawful manufacturing of fake goods or the unauthorized recording of performances.

Strikes

A refusal to work by employees, usually to protest for better wages or working conditions.

Political disturbance

Protests or objections by groups due to dissatisfaction with government responses or policies.

Crime

Prohibited activities that are punishable by law, including theft and corruption, often exacerbated by poverty.

Money laundering

The process of making illicit profits appear legitimate through investment in legal businesses.

Employee absenteeism

When employees are frequently absent from work, often due to health issues related to socio-economic factors.

Corporate social responsibility

The obligation of businesses to contribute to the well-being of society and the environment.

Diversity

The inclusion of different types of people (from various backgrounds) in a group or organization.

Trademark

A registered name or symbol that identifies and protects a business's products from being used by others.

Patent

A right granted for a new invention, preventing others from producing or selling the same product for a limited time.

Copyright

Legal protection for original works, preventing unauthorized use or reproduction.