Commerce Revision Year 9

Work Health and Safety Act 2010

Aimed at ensuring the safety and protection of employees and outlines the legal requirements for employees and employers

Savings

Money put aside for something bigger in the future

Needs

Items required for basic survival

Wants

Items that you would like to own but are not necessary for survival

Consumption

Money spent on objects, healthcare, or education

Goods

Items purchased to satisfy needs and wants

Services

Actions or activities that one person performs for another

Opportunity Cost

Something that a consumer gives up in order to satisfy a need or want

Commision

The percentage of a sales price received by a salesperson for his or her services

Dividend

The sum payable as profit for shares

Fee

Money paid to others for services

Income

money received, especially on a regular basis, for work or through investments.

Overtime

The time during which work is done outside of regular working hours

Profit

what remains after all business expenses have been deducted from sales revenue

Rent

regular payment made by a tenant to an owner for the use of the owner's building or land

Royalty

a sum paid to authors, musicians and so on, as a percentage of the proceeds from their work

Salary

A fixed amount of money paid to an employee for each pay period.

Social Welfare Payment

a payment made by a government to help people in need

Superannuation

a way of saving so an employee has some money in retirement

Wage

money received by workers, usually on a weekly basis, for services they provide to an employer

Scam

an attempt to trick someone, usually with the intention of stealing money or private information

CCA

Competition and Consumer Act 2010

ACCC

Australian Competition and Consumer Commission

ACA

Consumer watchdog tests goods and services, deals with complaints; Australian Consumers Association

Redress

To put things right

1. Safe Product
2. Accurate Information and Description
3. Terms of Sale Disclosed
4. Warranties

4 Consumer Guarantees

Ombudsman

Paid by the government, an unbiased source who investigates complaints made by consumers

Bargaining Position

refers to the amount of power the consumer has

Consumer guarantees

a set of rights and remedies for defective goods and services

Repossession

The lender has the right to take the goods that were used as security if the money that was borrowed to buy them is not repaid on time or at all.

3 steps to redress

1. Speak to the trader
2. Contact Office of Fair Trading
3. Lodge a claim with the Consumer, Trader, and Tenancy Tribunal

Fair Work Amendment Act 2013

Amendment to the Fair Work Act which includes bullying. Noticeable forms of bullying in the workplace includes repeated action generating risk to the health and safety of the worker.

Anti Discrimination Act 1997

Works with the Sex Discrimination Act 1984 to make sexual harassment unlawful

Sex Discrimination Act 1984

Works together with the Anti Discrimination Act 1997 to make sexual harassment unlawful

Racial Discrimination Act 1975

Employers cannot specify particular racial/cultural characteristics when advertising a job

Disability Discrimination Act 1984

Within reason, all people with a disability have equal access to employment

Age Discrimination Act

People must not be discriminated against on the basis of age

Affirmative Action Act 1986

The promotion of equal employment opportunities (EEO) for those people previously discriminated against

Fair Work Act 2009

Allows employees who feel they have been unfairly dismissed – to apply to the Fair Work Commission to be reinstated and/or provided with compensation

Summary Dismissal

Serious breach of conduct leading to an immediate dismissal. "You're fired"

Dismissal by Notice

Given a warning for failure to perform that leads in dismissal

Redundancy or retrenchment

Employee is no longer needed and is given money to voluntarily leave the work

Modern Award

Legally enforceable minimum terms and conditions that apply to ALL workers, however, they are inflexible and limit the amount of recognition you get for doing a specific job.

Enterprise Agreement

A negotiated agreement about pay and conditions and allows for broader terms and conditions. They must be approved by the Fair Work Commision. These have more flexibility and cover overtime, but stands the chance of undermining personal achievement as it is just part of the longer hours.

Common Law Contract

Covers those employees who are not under any other contract agreements. They are more common among professional and managerial employees. Such contracts are signed individually and are secret; that is, not open to public scrutiny.