commerce notes

What is disposable income?

Funds available to be spent after taxes, bills, and compulsory costs of living are paid.

Define wellbeing.

A complex combination of physical, mental, emotional, and social health factors, strongly linked to happiness and life satisfaction.

How can work improve wellbeing?

Through social connections, increased living standards, emotional security, sense of purpose, and personal growth.

How can work harm wellbeing?

Through stress, unsafe environments, lack of support, and long hours.

What does work-life balance mean?

Having enough time and energy for both your job and personal life.

Define a contractor.

A person or company hired to perform work or provide services under a contract for a specific period or project.

What is a trade union?

An organization formed by workers to protect and promote their rights, wages, working conditions, and benefits.

What is the gender pay gap?

The difference in earnings between women and men caused by various factors, including discrimination and industry differences.

What are modern awards?

Legal documents that set minimum pay and working conditions for different jobs and industries in Australia.

What are the three parts of an employment contract?

Offer, acceptance, and consideration.

Define unfair dismissal.

When an employee is fired in a harsh or unfair manner, protected under the Fair Work Act 2009.

What constitutes the labour force?

People aged 15 and over who are employed or unemployed.

What is frictional unemployment?

Unemployment occurring when individuals are temporarily between jobs or entering the workforce.

Define gig economy.

A labour market that relies heavily on temporary and part-time positions filled by independent contractors and freelancers.

What is age discrimination?

Unfair treatment at work based on a person's age, affecting hiring, promotions, training, or termination.

What is a common type of income tax in Australia?

Income tax (PAYG), which is a progressive tax based on earnings.

What is superannuation?

Money contributed by an employer into a fund to provide income for employees when they retire.

What is informal resolution in disputes?

A process including grievance procedures, negotiation, mediation, and arbitration.

What does calculating the unemployment rate involve?

Dividing the number unemployed by the total labour force and multiplying by 100.