Economic And Social Problems Flashcards, test questions and answers

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What is Economic And Social Problems?

Economic and social problems are two of the most significant challenges faced by societies today. Economic problems are defined as an imbalance between resources and needs, which can lead to poverty, inequality, and unemployment. Social issues refer to unfair or unequal social relationships that can lead to discrimination, exploitation, and injustice. Both of these issues have a deep impact on individuals’ economic security as well as social well-being. In terms of economic problems, poverty is one of the most pressing issues in many countries around the world. Poverty has wide-reaching consequences for both individuals and society at large. It limits access to basic services such education, health care, housing, nutrition etc., leaving those living in poverty with fewer opportunities for success in life. In addition to this financial insecurity also leads to emotional distress among those living in poverty due to feelings of shame and hopelessness about their future prospects. Inequality is another major issue related to economic problems that occur when wealth is distributed unevenly among members of society; typically resulting from differences in income or access to certain resources (e.g., education). This can be seen through rising levels of wealth concentration amongst the top 1% while leaving those below them with fewer opportunities for upward mobility or even basic survival needs met on a daily basis. This leads to larger disparities between socio-economic classes which further exacerbates the cycle of poverty that exists within our societies today. Unemployment is another economic problem affecting many countries around the globe due largely in part due too automation replacing human labor or globalization leading companies/organizations abroad where labor costs are cheaper than domestic markets forcing local workers out jobs they once held before said changes occurred within their respective industries/markets etc Unemployed individuals often find themselves without any source income which then puts strain not only on their finances but also psychological wellbeing as well due lack purpose & structure found through having steady job/career etc.