Commerce yearly

• What are the economic benefits of work?


  Financial benefits and improved living standards
• What are some non-financial benefits of work?


  Using skills positively and meeting new people
• How does work contribute to self-esteem and confidence?


  By allowing individuals to do something they love and are passionate about
• What is the primary reason most people work?


  To earn money
• How does income from a job improve living standards?


  It allows individuals to afford better housing and necessities
• What is one way a person's status is measured in society?


  By the type of work they do
• What percentage of employees reported self-satisfaction from their work?


  67 percent
• What is disposable income?


  Funds available after taxes and bills are paid
• What is the role of employees in the workplace?


  To work for another person or entity in return for financial compensation
• What do employers need to provide to their employees?


  A safe workplace and adequate financial compensation
• What is the purpose of trade unions?


  To seek better pay and safer working conditions for workers
• What is the role of the government in the workplace?


  To set and enforce employment standards
• What is the definition of paid work according to the ABS?


  Working for 1 hour or more per week in return for money
• What characterizes full-time employment?


  Working 38 or more hours per week
• How does part-time employment differ from full-time employment?


  Part-time employment involves working less than 38 hours per week
• What is the nature of casual employment?

  Employed on an hourly or as-needed basis
• What is voluntary work?


  Work done for pleasure and satisfaction without financial payment
• What are wages?


  Payments received by employees in exchange for their labor
• How is profit calculated?


  By subtracting expenses from revenue
• What is the definition of an industry?


  A group of businesses involved in similar or related work
• What are the primary, secondary, tertiary, quaternary, and quinary industries?


  Types of industries based on their functions and outputs
• How has technology impacted the nature of work?


  It has created new jobs while making others redundant
• What is globalisation?


  The removal of trade barriers between countries
• What is the sharing economy?


  An economic system where goods and services are shared between individuals
• What are the three important elements of an employment contract?


  Offer, acceptance, and consideration
• What are modern awards?


  Legally enforceable minimum terms and conditions for a business or industry
• What is an enterprise agreement?


  A negotiated agreement about pay and conditions at a workplace level
• What is the high income threshold?


  The minimum level of pay for individual common law contracts
• What rights do employees have under common law?


  To be paid for their work and have a legally binding contract
• How do employment contracts affect the relationship between employers and employees?


  They outline the rights and responsibilities of both parties
• What is the role of the Fair Work Commission?


  To ensure stakeholders follow employment laws
• What is the significance of the 'better off overall test' in enterprise agreements?


  It ensures employees are better off compared to the modern award
• How do modern awards and enterprise agreements differ?


  Modern awards set minimum conditions, while enterprise agreements are negotiated at the workplace level
• What is the importance of flexibility in enterprise agreements?


  It allows for variations based on specific workplace needs
• What is the nature of individual common law contracts?


  They are negotiated contracts that do not have to include award conditions
• What is the significance of a legally binding employment contract?


  It is enforceable by law and outlines the rights of both parties
• How do rights and responsibilities in the workplace affect employee satisfaction?


  Clear rights and responsibilities can lead to higher employee satisfaction
• What is the role of the government in developing employment laws?


  To create laws that protect workers' rights
• How do industrial tribunals enforce employment laws?


  By ensuring stakeholders follow the laws developed by the government
• How does the changing nature of work impact job security?


  Increased automation and competition can lead to job insecurity