Business
plays an important role in our social system. Apart from its significant impact
on the society, businesses have been affected by changes that take place within
the society. Business can be seen as a member of the larger society. There are
many changes that occur in our society which affect business in one way or the
other. But
plays an important role in our social system. Apart from its significant impact
on the society, businesses have been affected by changes that take place within
the society. Business can be seen as a member of the larger society. There are
many changes that occur in our society which affect business in one way or the
other. But
for the purpose of this course we will try to look at economic and social
change because they permeate other changes
Social
change: most Nigerian businesses have capitalized on the social developments
that have influenced the structure of our society. For example, there have been
tremendous migration from the rural area of the country to urban areas and this
has its effect – it has led to the deterioration of social structures and
pressure on available infrastructure. Also food and housing problems arise
including violence as well as other problems of alienation. Young people who
aught to have been gainfully employed in the rural areas are left stranded in
the cities thereby putting pressure on inadequate infrastructure existing in
these cities
change: most Nigerian businesses have capitalized on the social developments
that have influenced the structure of our society. For example, there have been
tremendous migration from the rural area of the country to urban areas and this
has its effect – it has led to the deterioration of social structures and
pressure on available infrastructure. Also food and housing problems arise
including violence as well as other problems of alienation. Young people who
aught to have been gainfully employed in the rural areas are left stranded in
the cities thereby putting pressure on inadequate infrastructure existing in
these cities
Another
change is the rising standard and cost of living; rising educational levels
have also affected the life style of our people.
change is the rising standard and cost of living; rising educational levels
have also affected the life style of our people.
People
are no more employed in one job since the earnings are not enough to keep the
body and soul together, apart from being employed as a full time worker in any organization;
individuals take up a second job on a time basis. This has enabled workers to
fulfil their social obligation and has equally had its effects on productivity.
The long run effect of this is a terrible hustle to meet up and maintain a
certain standard. Because of this, life expectancy drops and people in their
prime suddenly die because of exhaustion and pressures of the economy and city
lifestyle.
are no more employed in one job since the earnings are not enough to keep the
body and soul together, apart from being employed as a full time worker in any organization;
individuals take up a second job on a time basis. This has enabled workers to
fulfil their social obligation and has equally had its effects on productivity.
The long run effect of this is a terrible hustle to meet up and maintain a
certain standard. Because of this, life expectancy drops and people in their
prime suddenly die because of exhaustion and pressures of the economy and city
lifestyle.
Economic
changes: an important economic problem that is facing Nigerian society today is
inflation. Inflation is seen as a general rise in price of most goods and
services. It also encompasses the general rise in wages and salaries occasioned
by union demand for better pay in the midst of rising cost of living. Here, the
value of the country’s currency declines relatively to the value of its goods
and services and also forex.
changes: an important economic problem that is facing Nigerian society today is
inflation. Inflation is seen as a general rise in price of most goods and
services. It also encompasses the general rise in wages and salaries occasioned
by union demand for better pay in the midst of rising cost of living. Here, the
value of the country’s currency declines relatively to the value of its goods
and services and also forex.
Inflation
has made life very difficult for the average Nigerian most especially salary
earners. Personal saving have been wiped out and there is distortion in the
national economy as a result of price wage spirit i.e. situation where workers
are forced to demand for higher wages as prices of goods and services keep
rising.
has made life very difficult for the average Nigerian most especially salary
earners. Personal saving have been wiped out and there is distortion in the
national economy as a result of price wage spirit i.e. situation where workers
are forced to demand for higher wages as prices of goods and services keep
rising.
This
situation has led to the laying off of workers both public and private sectors
of the economy. This results in unproductiveness of the active labour force of
the country. If the existence of this sad economic situation is not arrested
urgently by serious government monetary and fiscal policies, then the eventual
emergence of a heightened level of social vices such as armed robbery and
prostitution are palpable
situation has led to the laying off of workers both public and private sectors
of the economy. This results in unproductiveness of the active labour force of
the country. If the existence of this sad economic situation is not arrested
urgently by serious government monetary and fiscal policies, then the eventual
emergence of a heightened level of social vices such as armed robbery and
prostitution are palpable
