Yr 9 Business and Economics Flashcards
What are the 2 sectors?
Manufacturing and service
Service Sector
provide intangible experience and services, and more is reliant on human interactions
Manufacturing Sector
Produces tangible goods, and makes physical concrete products
Rights are…
Backed by law (usually)
Employer rights(4)
- Access to appropriate amenities
- Performance, manage the workforce
- Have work completed as expected
- Workers put in sufficient hours
Employer Responsibility (5)
○ Develop and enforce rules
○ To pay workers the appropriate wage
○ Providing a safe working environment
○ Provide appropriate instructions and equipment
○ Avoid discrimination
Employees rights (6)
○ Access to appropriate amenities
○ Be paid penalty rates
§ Not being forces to work on public holidays
○ Having safe/clean working conditions
○ Be entitled to sick leave and annual leave
○ Receive appropriate equipment and training
Employee Responsibilities (4)
○ Obey the rules in their workplace
○ Keep work environment safe (behave, follow rules)
○ Keep certain information confidential
Honest when engaging with the business money
Discrimination is…
A person being treated less favourably than another person or group because of personal characteristics
Globalisation is…
Movement and integration of goods and people among different countries
International Trade
Buying and selling of goods and services to other countries
Why is international trade important? (4)
- Nation earns money (prosperity)
- Improves standard of life
- Gain more employment
- Gain other services or products from overseas
What is exported/imported
- Services
- Tangible goods
- Commodities
What is exchange rates
Value of one currency compared to a value of another currency
Why is exchange rates important?
They determine level of international trade
Appreciates (exchange rates)
CHEAPER to import, MORE EXPENSIVE to export
Depreciates (exchange raters)
EXPENSIVE to import, EXPORTS become cheaper
Stakeholder
Someone with a vested interest in a business
Deontology
Focus on the action itself (specifically intention behind the action)
Utilitarianism
Focus on the consequences of the action
Hard Skills
Job-related knowledge and abilities
Soft Skills
Personal qualities
Types of discrimination
race, sex, age, pregnancy
, religion
Examples of both service and manufacturing businesses.
restaurant, cardealership
What has COVID changed? (3)
- Working remotely
- Increased awareness of physical and mental health and wellbeing
- Office as an interactive environment
Benefits of Globalisation (know at least 3)
- More variety
- cheaper products
- country economy grows (exporting)
- Help the world’s wealth spread
- collaboration advancements
Costs of Globalisation (know at least 3)
- poorer countries left behind
- more competition for businesses
- environmental damage (production)
- workers in poorer countries exploited
- Loss of traditional industries and skills
- threat to local workers
What does Australia earn the most from selling?
Natural resources
Why is international trade for Australia important? (3)
- Gain more employment
- Australia is not self-sufficient, most of it is offshore
- Lets Australians to continue access to strong standard of living.
What does Australia export?
Commodities (coal, iron ore), primary products (wheat), service (education, tourism)
What does Australia import?
services (tourism, freight), goods (vehicles)
Enterprising behaviours (5)
- Opportunity identification
- Risk-taking
- Proactivity
- Innovation and creativity
Persistence and resilience
