Socio-economic issues Flashcards
examples of socio- economic issues
inequality
poverty
hiv/aids
gambling
piracy
counterfeiting
strikes
bootlegging
political disturbance
crime
definition of socio-economic issues
social and economic issues in the macro environment that cause issues w/in the business
how can socio-economic issues be a challenge for the business
affects employees ability to do work, resulting in unproductivity
incur losses bc of crime, violence and counterfeiting
definition of inequality
not everyone is equal
poverty
a person is unable to satisfy their most basic survival needs
food/water/shelter
impact of inequality/poverty on business
affect consumer spending, poor people cant afford goods
expectations for businesses to fund poorer communities puts pressure on businesses
inclusivity
everyone gets equal opportunities
importance of inclusivity in the workplace
-fair labour
-past inequalities
-incr diversity
-no exclusivity
-employees = representation of countries demographic
promoting inclusivity
-employment policies
- obey inclusive laws/ policies
-treat employees equally
-equal employment opportunities
-respect cultures
-respect all contributions to the business
-workforce represents countrys demographic
-more women in leadership
types of gambling and examples
legal - licensed casinos
- sports, through licensed bookmaker
- national lottery
illegal - unlicensed casinos
- pyramid schemes
- money laundering
pyramid schemes
when a lot of people invest and only the people at the top make money
money laundering
ilegal profits are invested into legitimate businesses to cover up illegality
impact of gambling
-its addictive, esp for lower income groups, this disrupts working hours
- losing money puts pressure on responsibilities/ relationships in workplace
-if you lose money gambling you cant invest in businesses
piracy
illegal copying of products
impact of piracy
sales decline
forced to lower prices
expenses will increase for legal action
