Commerce- Employment and work futures Flashcards
What is disposable income
Disposable income refers to the amount of money you have after your taxes have been payed
What is superannuation accrual
the increase of your superannuation
Why are mentally healthy workplaces good for businesses
-enhanced work performance
-improvement to companies bottom line
-Attracting and keeping good talent
What are material and non material living standards
material living standards- access to physical goods and services such as roof, car
non material living standards- intangible and improve quality of life such as having low stress levels, pollution rates etc
Define job types
cognitive
manual
non routine
routine
cognitive= brains such as doctor, scientist
manual= tradies
non routine= no routine, flexible schedule, not the same
routine= same hours every dya with a set schedule
What is redistribution of income
Where the government redistributes income via the tax system from richer to poorer to ensure an acceptable standard of living.
What is progressive income tax?
The progressive tax system ensures that people of Australia with a higher income pay a higher proportion of their income in tax.
how does inequality effect wellbeing
an example of inequality is the financial gap between the rich and the poor. The wealthiest 20% of households were over 100 times wealthier then the poorest 20%. It continues to increase.
what is welfare
welfare refers to government programs that support financial or other aid to individuals or groups who cannot support themselves e.g funding for aged care services
What is social security
where the government provides replacement payment to qualified retirees
explain full time
28 or more hours a week
ongoing employment
employee entitlements such as sick leave, parental leave
job security
explain part time
employee entitlements on a pro rata basis
flexible working hours
allows you to experience more then one job at a time
explain casual work
paid a loading to compensate for not have leave entitlements
unskilled or easily mastered skills
no employee entitlements
less job security
may have to work in holidays
explain self employed
your own boss
payed through profit
determine your own salary and working times
What is an apprenticeship, what is a traineeship
they are arrangements with a registered training organization such as TAFE or trade school. Apprenticeships allow you to study a trade which takes about 3-4 years and a traineeship allows you to study for a certificate such as childcare, which takes about 1 year
what is the purpose of an unpaid job. compare with voluntary jobs
an unpaid job is to test a persons job skills or give them experience in a certain field of work
voluntary work is to help the community, make a difference and build self esteem
define employee
an employee is a person who works for another person or entity in return for financial compensation
what are contractors
businesses can hire people through contracts, this allows them to hire a specific skill set
what is a trade union
organization that actively seek better pay, better worker conditions etc. an example is the Sydney train strike.
what do governments do
regulate minimum wage
set and enforce employment standards
creates and sustains employment
define wages, salaries and fees
wages- for employees being paid for a period of work, usually a week, for blue collar workers (unskilled or semiskilled work)
salaries- for employees employed on a yearly basis, for white collar workers such as dentists, accountants etc
fees- a charge by professionals for the completion of a job, doctors, solicitors
what is commission
paid to those who act as an agent, when the product is sold a commission goes to the agent
percentages or cuts of a bigger sale
what is profit
revenue- expenses
what is interest and dividends
sum of money paid by a company to it’s shareholders
what is rent
Rent is paid for the use of someone else’s property (house, flat or apartment)
what are royalties
paid to a person who produces a piece of work such as a song, book or invention. They are granted a copyright or patent to protect their intellectual property
Gross pay vs net pay
gross pay is after tax and net pay is before tax
what is gig economy
where to get payed to do gigs such as airtasker
Participation rates
the participation rate measures and economies active labour force and is calculated by the sum of all employed workers divided by the working age population
Primary industry
produces raw materials for example fresh fruit from what nature has provided. Primary industries provide our food. Some examples are farming mining fishing grazing and forestry
Secondary Industry
include all workers involved in turning raw materials into finished or semi-finished products for example iron coal and limestone are turned into steel a semi-finished product. Steel is the used for cars etc
Tertiary industry;
People who work in tertiary industry provide a service to others for example retailer’s dentists and bankers
Quanternary Industry
is made up of service industries that deal with processing information and knowledge
