Business & Economics Flashcards
Globalisation
The increasing interconnectedness between nations. This is done by breaking geographical barriers, which allows for an increase in trading of goods such as manufacturing and service industries.
Exports
Manufactured goods or services that may be domestically produced and then sent to another country.
Imports
Manufactured goods or services that are bought from other nations.
Soft skills
Personal qualities that allow a person to effectively interact with other people in a harmonious manner.
Hard skills
Teachable and can be measured, such as using a computer.
The service sector
Companies, businesses and government enterprise that provide intangible goods that benefit consumers, such as tutoring, hairdressing and legal advice.
Manufacturing sector
The industry involving the production of tangible goods.
Australia’s response to the pandemic?
Remote working - Increased awareness of physical and mental health and wellbeing - The office becomes a more interactive place - Benefits of flexibility and convenience
Responsibilities of an employer
Must pay their employee at least minimum wage - Provide a safe workspace - Provide superannuation’s.
Rights of an employer
Employ or dismiss anyone they want - Determine a workers pay (above minimum wage) - A right to request change.
Responsibilities of an employee
To fulfil their job - Complete the required amount of work hours - Obey workplace rules.
Rights of an employee
A right to receive minimum wage - 4 weeks of annual leave - No discrimination policy - To receive superannuation.
Discrimination in the workplace
The practice of treating a person differently based on their personal characteristics.
Examples of discrimination in the workplace
Race - Colour - Sex - Sexuality - Age - Disability - Marital status - Pregnancy - Religion - Nationality.
Deontology
Deontological ethics is the belief that the morality of an action itself is right or wrong based on a number of rules and principles, rather than outcomes. For example, based on the beliefs of deontology, it is not permissible to kill a murderer as murder is bad regardless of the circumstances.
Utilitarianism
Utilitarianism is the ethical theory that distinguishes right from wrong based on outcomes rather than actions. Utilitarianism states that one will produce the greatest good with the greatest number. Therefore it weighs the happiness and wellbeing of everyone as equal.
Exchange rates
The value of one currency compared to the value of another currency.
Three benefits of globalisation
Provides more opportunities to poorer countries (spreads wealth) - More job opportunities - More access to goods and services.
Three costs of globalisation
Environmental damage (such as pollution) - Lack of business for local businesses - Exploitation of cultural identity.
Who are stakeholders?
The collective group of people who hold an impact regarding a corporation or industry.
Who are shareholders?
A person or institution that has financially invested in a business or corporation.
Examples of stakeholders
Government - Employer - Employee - Community - Business owners - Customers - Shareholders.
