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.
