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commerce
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- 14.1 Types of employment Casual work is usually on an hourly basis with no entitlements but a loading to compensate Part time work is regular hours but fewer times a week with entitlements on a pro rata basis Full time work is generally 38 hours per week with continuing employment and a range of entitlements Self employed work is an individual who works for themselves Voluntary and unpaid work is an individual that provides services without an expectation of compensationCasual workers...
Are employed on an hourly basis
Do not receive a range of entitlements such as service or sick leave and a lack of job security
can be dismissed with an hours notice or an hours pay if there is no work for them to complete
Are paid a loading
Are allowed to accept or refuse work which provides flexibility - 2Part-Time workers… Have job security Work regular days and regular hours but for fewer days and hours than a full time employee Work 3 days per week which entitles them to 3 5ths of wage benefits provided to full time employeesFull-Time workers...
Spend more time at work then part time jobs
Are entitled to a wide range of non-wage benefits
Are paid holiday leave and long service leave
Have great job security
Do not have time for their hobbies - 3Self-Employed workers... Have the freedom and flexibility to work where and when they want Are extremely proud and satisfied over the works they complete Are given tax advantages Have no guaranteed income on a weekly basis Have to pay for all their entitlements Earn no money if they are sick or unable to work unless they have insuranceVoluntary and unpaid workers…
Volunteer at rural fire services, emergency services, lifesavers and much more
Receive no financial payment most of the time
Volunteer for the satisfaction and pleasure of helping others
They are underrated by society due to their lack of income - 44.2 Changing work patterns Primary industries is an industry that produces raw materials from what nature has to offer all types of farming and mining are primary Secondary industries turn the raw materials from the primary industries into semi-finished or finished products Jewelers and smithers are examples of a secondary industry Tertiary industries provide services to others For e.g retailers This industry has grown so rapidly it has been split into the quaternary industry and the quinary industry The quaternary industry is made up of services of processing and the transfer of information For e.g telecommuting The quinary industry is made up of domestic services usually carried out by people in their own homes For e.g childcare The quinary industry is made up of both paid and unpaid workers4.4 changing work patterns (3)
A major concern for employees these days is the ongoing threat of the chance they may lose their job. This is called job security
Job security is the likelihood that an employee keeps or loses their job and not be made unemployed through being made redundant or dismissal
Job security cannot be taken for granted as the global financial crisis in 2008-2009 made job security a big issue
Technological advances are causing the way we work to change
New jobs are being created and old ones are being made redundant
Technology has taken away the hours we work and has made most employees always available with the portability of laptops and mobile phones to stay on top of their work
Flexible working conditions allow employees to have a work life balance and participate in their family obligations with employee-employer agreements that may constitute for an employee to work from home - 54.7/4.8 Types of employment contracts Awards are legally binding documents containing terms and conditions of employment Award include information about wage rates, hours that need to be worked, uniform/dress code, all types of leave, superannuation and redundancy entitlements Some employers provide above award payments if they would like to have an incentive for existing employees and to attract more for their businessAwards
Advantages
Disadvantages
Set a minimum pay and conditions
Inflexible. May not suite all employees
Cover all employees performing a similar job
Prevent recognition of individual initiative as all employees receive the same pay
Protects employees from exploitation - 6An enterprise agreement is about the pay you receive and the conditions you need to meet made at a workplace The enterprise agreement is much broader than an award and can replace one Some key features are May cover the rates of pay Must be in writing and approved by all parties Must be approved by fair work australiaEnterprise Agreement
Advantages
Disadvantages
Consultation with employees
Possible undermining of award standards
Possible improvement of pay
Possible job losses
Access to training and greater flexibility
Greater inequity in wage rates - 74.8 Types of employment contract A common law contract is when a employer and an individual employee discuss a contract of pay and conditions Common law contracts are more common among professionals and employees Such contracts are signed individually and are kept secret and hidden from public scrutiny Common law agreementAdvantages
Disadvantages
Right to sue for compensation if the conditions are not met
Offer less protection than other agreements
Flexibility to suit the varied needs of the individual
Possible exploitation of employees due to unfair bargaining position
Individual initiative award
Expense of legal fees if either party
decides to sue - 84.10 Unemployment You are need to be the following to be classified as unemployed without work Available to begin work Actively seeking employment People become unemployed from Leaving a job in search of another Seasonal unemployment The decrease in demand for workers Skills are no longer needed Personal characteristics are not suited to jobs people have5.1 Investment decisions
Investment is when money is spent in order to have a chance to gain a profitable return
Businesses may invest in new machinery, factories, other firms or their own workforces
This is done in order to increase business profit levels
The desire for extra income and future security are reasons and incentives for individuals to invest - 95.2 Financing investment There are two main ways to financing an investment, you can either invest through personal savings or borrowing from the bank Before beginning to invest you need to assess your financial position. This is done in order to avoid to over committing funds that cannot be afforded The advantage to using savings to purchase an investment is that there is no need to pay interest on a loan A disadvantage is that it takes time to save sufficient funds for the desired investment To save for an investment you need to keep a tally of financial goals, preparing a weekly budget of likely spending keeping a record of weekly income and expenditure When borrowing to invest make sure you can be able to afford the repayments Personal loans may be secured or unsecured Home loans involve either a fixed or variable rate Fixed rates cannot usually be paid for until the date Variable rates change depending on the market which change depending on the reserve bank of Australia5.3 Ethical investments
When investment decisions are being made some people will only invest only in specific companies or organisations
This is done so that the products they are investing in are aligned with their own beliefs and values
This is known as ethical investment
Examples of ethical issues that may turn an investor off investing in a specific company are child labour, selling cigarettes or alcohol and gambling machines
Negative screening is when an investor avoids investing in “unethical” businesses
Positive screening is when an investor invests into a company based on activities it partakes in and that are considered desirable by the community - 105.4 Range of investment options There are many investment opportunities for investors some of these include superannuation, property, shares and managed funds All banks and credit unions offer a variety of investment type accounts A cash management account is very similar to a normal savings account where you can withdraw and deposit whenever you like but you are paid a higher interest and need to keep at least $5000 in the account A term deposit is a account where you put money into an account that cannot be touched (deposits/withdraw) if you want to retain the higher interest rates A share is a part ownership of a public company Shares are bought and sold on the stock exchange the prices for these shares vary and if they rise you may earn a profit Investing in property involves someone purchasing an apartment or house This is considered the largest investment someone can make If you make a profit from selling the home none of it is taxedA managed fund is a fund that has a large sum of money that come from people with similar investment goals
A professional fund manager is appointed and invests in assets such as shares and property
A superannuation fund is a managed fund that has frequent deposits and helps you when you are retired and no longer can work
The frequent deposits come from a percentage of your income
A debenture is another form of an investment and is a document given out from a firm clarifying that you have lent a sum of money to them and the interest agreed upon and the length of time they have to pay
Unsecured notes are similar to debentures except they are one of the lasts to be paid out if the company goes into liquidation
Unsecured notes may not be as safe but they do attract higher interest rates and profit - 11Risk and return A main key factor to investing your money s the rate of return When investing your money the main aim is to maximise your rate of return There are two main categories of investment Growth assets such as shares and property which generally produce a higher rate of return or profit. These investments fluctuate greatly in a shorter period of time so they are a higher risk Income or defensive assets such as government bonds and term deposits which usually provide a lower profit but have a lower risk This is the rule of investment the higher risk the higher return and vise versa the lower risk the lower return An investment portfolio is a collection of all the investments an individual has It is generally wise to invest in a widespread amount of investment to spread the risk and maximise the return In other words this is not putting all of your eggs in one basket5.6 selecting a mix of investments
Diversifying your investments is when you spread your money across a set of different types of investment types in order to spread your risk and maximise your profit
This is the main lesson of investing
By putting all your money into one investment you are at the risk at losing a considerably large sum of money
By spreading your money the risk is halved and is reduced greatly - 1210.1 Structure of government Australia has three levels of government local, state and federal All three levels of government have their own power to make decisions, have their own separate responsibilities and are elected by the people of Australia Australia's constitution which took effect upon federation sets out the rules and principles for governing AustraliaState Government
NSW has its own parliament consisting of two houses- an upper house and a lower house
Controls the things that affect citizens within their individual state
The process of government is similar to the level of federal government
The head of the government is the premier
The head of the state is the governor
Obtains most of its income comes from the federal government grants, property and payroll taxes - 13Federal Government There are two houses for the federal government an upper house and the lower house The prime minister is the head of this government Ministers are appointed to look after the particular governments portfolios The cabinet which includes the prime minister and senior ministers makes the key government decisions The governor general represents the british monarch as head of state Controls those things which affect us all Obtains income from taxationLocal Government
There are 900 government bodies in the local government
The head of the council is called the mayor
Operates under the state legislation
Makes rules called laws on local issues
Is responsible for the needs of the citizens in the city or town
Obtains most of its income from land rates - 1410.2 Structure of government The main feature of a democracy is that all people have rights and privileges Representative democracy was made to give all people a say in decisions that would affect the town, city, state, or country Communism is a government system where there is no private ownership of anything Everything apart from personal items are owned by the government which supplies all the needs and wants of the citizens Monarchy is a system of government where the monarch (a king or queen) has total and complete supreme power Autocracy is the opposite meaning of democracy and occurs when one person or a group holds all the power Anarchy occurs when the system of government breaks down and there are no laws or their o enforced Socialism is the system of government where all of the economic resources are in the hands of the community these governments have a high priority for social welfare and equality for wealth and freedom Fascism is a strategy where only one government house exists and there is no criticism or opposition this was adopted by adolf hitler10.3 Political action
Being a politically active citizen means to be informed as a citizen about social, political and economic issues
A politically active citizen will be aware of what is happening on a wider scale than just local
In a democratic country like australia citizens have the right to vote to who they want to be in parliament
One of the best things you can do as a citizen is staying informed this means watching the news, reading the newspaper and watching current affair programmes - 1510.6 Participation in the democratic process You must enrol to vote if you Are 18 years of age or older You are an Australian citizen You have lived at your current address for the current last month The person with the most votes at the end will win but sometimes this means someone who is favoured least can win To win a seat senators need to have a quota or proportion of the votes
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- Fichas sobre commerce, creado por Joshua Casey el 06/11/2017.
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- Joshua Casey
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