Commerce Yearly Revision

Barter

the swapping ot exchanging of one good for another

Globalisation

when people, goods, money, and ideas move more easily around the world

Interest

the price that must be paid in order to use someone else’s money

Price mechanism

the way supply and demand work together to decide the price of a good or service.

Recession

a period when the economy slows down, people spend less money, unemployment rises, and economic growth becomes slower.

Insurer

the company that is providing the insurance

landlord

the person who owns the premises being rented

Progessive tax system

people who earn more money pay a higher tax rate

Utility

a company that provides important services like water, gas, or electricity

Arbitration

way of settling a dispute where an independent person makes a decision that both sides must follow.

Award

a document that outlines an employee’s minimum pay and conditions

Common law (employment) contract

an agreement between an employer and an employee about pay and working conditions.

Conciliation

when a third person helps solve a dispute by suggesting ideas

Enterprise agreement

agreement about pay and conditions made at a workplace/enterprise level

Labour force

People aged 15 and over who are either employed or unemployed

Mediation

when a third person helps two sides talk and agree on a solution.

Negotiation

when people involved in a dispute discuss the problem and try to reach an agreement

Tenant

the person or persons who rents a property from a landlord

Unfair dismissal

when someone is fired from their job in a way that is unfair or unreasonable

Grievance Procedures

a set of steps used to solve a dispute or complaint

Not-for-profit business

a business that uses its money to help a cause or community instead of making a profit for owners

Premium

the amount of money paid for insurance

Variable interest rates

an interest rate that can go up or down over time