Effects on People Who Are Economically Vulnerable (Grade 10 NSC Matric Economics): Flashcards
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Define economically vulnerable people
Define economically vulnerable people
People lacking secure income or savings for basic needs
List 3 groups of economically vulnerable people
List 3 groups of economically vulnerable people
Pensioners, people with disabilities, rural women
What does standard of living refer to?
What does standard of living refer to?
Level of comfort, goods & services available to people
Why do govt spending cuts occur during recession?
Why do govt spending cuts occur during recession?
Tax revenues fall as businesses earn less & pay lower wages
Who suffers when unemployment rises?
Who suffers when unemployment rises?
Both unemployed individuals & their dependants
Why do pensioners struggle with price increases?
Why do pensioners struggle with price increases?
Fixed income from grants, govt adjustments lag behind prices
List 4 basic necessities poor households spend on
List 4 basic necessities poor households spend on
Food, shelter, fuel, essential transport
Which workers lose jobs first in recessions?
Which workers lose jobs first in recessions?
Illiterate & unskilled workers
Why are casual workers more vulnerable?
Why are casual workers more vulnerable?
Lack long-term contracts, easily dismissed
How do businesses cut costs during recession?
How do businesses cut costs during recession?
Replace low-skilled workers with technology