commerce Flashcards
Rent
a tenant’s regular payment to a landlord for the use of property or land
wage
a payment usually of money for labor or services usually according to contract and on an hourly, daily, or piecework basis.
Commission
a sum of money paid to a salesperson for every sale that he or she makes.
salary
paid to people who are employed on a yearly basis and have a skilled job. This means their rate of pay is based on an amount per year rather than an amount per hour or week.
Dividends
Companies pay dividends to shareholders from the profit they make, distribution of profits by a corporation to its shareholders
profit
difference between revenue that an economic entity has received from its outputs and total costs of its inputs.
The relationship of work to quality of life
Overtime hours are often associated with increased stress but higher incomes.
Work provides the mean for financial security and stability impacting mental health
When people fulfil roles in particular job it can be a positive influence on their overall quality of life
Failure can lead to disappointment but opportunities for growth leading to a sense of achievement
Employment stability can reduce stress and anxiety of unemployment increasing quality of life
income
money received, especially on a regular basis, for work or through investments.
primary
converting and extracting raw materials for example: farming, mining, fishing
secondary
process raw materials and manufacture finished goods; for example: the production of cars, clothes and food
tertiary
distribute goods and provides services other than those provided by the quaternary and quinary sectors; for example: supermarkets, hairdressing, and travel agencies
quaternary
provide information based services; for example: teaching, journalism and banking
quinary
industries that provide household services (traditionally domestic work); for example: carpet cleaning, childcare, restaurants.
sharing economy
connects workers to customers through a digital platform whilst the sharing and collabration between individuals of goods and services (uber, menulog)
why is the sharing economy important
the sharing economy makes everyday life more affordable. Extensive and well-distributed participation on the supply side of sharing economy keeps prices fair, as well as eliminating the need for people to own all of their possessions
