Employment & Work Futures

Question 1

Benefits of work

Answer 1

• To earn money
• To improve living standards
• To gain status and prestige
• To obtain self-satisfaction
• To make friends
• To help others
• To have disposable income
• To be able to manage a household
• To add to superannuation

Question 2

Major Participants in the Australian Workplace

Answer 2

• Employers
• Employees / Contractors
• Trade Unions
• Government

Question 3

Types of Work

Answer 3

FULL-TIME
- Continuing, ongoing employment
- More than 38hrs per week
- A range of entitlements received

PART-TIME
- Ongoing employment
- Fewer than 38hrs per week
- Hours may be fixed or variable
- Entitlements received on a pro-rata basis

CASUAL
- Employed on an hourly or ‘as-needed’ basis
- Variable work hours
- May work for more than one employer
- No entitlements but a loading is received to compensate

SELF-EMPLOYED
- Working for yourself

Question 4

Forms of Income

Answer 4

SALARY
- Set amount for a year
- Does not cover overtime
- Entitlements, allowances, bonuses

WAGE
- Based on hours worked
- Does not cover leave

COMMISSION
- A percentage of a sale made
- Are an incentive for that sale to be made by the employee

PROFIT
- Calculated by:
revenue/gross profit - expenses
= net profit

DIVIDEND
- A form of passive income
- A percentage of profit by a company paid regularly to its shareholders

Question 5

Industries

Answer 5

PRIMARY
- Sources raw materials
eg. farming, mining, forestry, fishing

SECONDARY
- Processes raw materials
eg. automotive, manufacturing, construction

__________________________

TERTIARY
- Provides a service to others
|
— > QUATERNARY
- Services that deal w/ processing information
eg. IT professionals, financial advisors, libraries, education
|
— > QUINARY
- Domestic services, carried out by people w/in their homes
eg. hospitality, domestic cleaning, home maintenance, childcare

Question 6

Participation Rate

Answer 6

The percentage of people in the working-age population that are in the labour force.

LABOUR FORCE / TOTAL WORKING-AGE POPULATION
x100
= PARTICIPATION RATE

Question 7

Employment Rate

Answer 7

The percentage of people in the labour force that are employed.

NO. OF PEOPLE EMPLOYED / TOTAL LABOUR FORCE
x100
= EMPLOYMENT RATE