Commerse T4 Y9

• Economy refers to all activities undertaken for the purpose of production, distribution and consumption of goods and services in a region or country
• If people did not work

  Food production, electricity, gas and clean water will dry up
• A major economic benefit of work is that workers pay taxes to the government
• Funds distributed by the government

  • Supporting education
  • Building hospitals
  • Building roads
• Money you spend comes from the income earned from work
• Reasons to work


  • Earn money
  • Improve living standards
  • Status and prestige
  • Obtain self-satisfaction
  • Make friends
  • Help others
  • Have disposable income
  • Manage a household
  • Add to superannuation
  • Pay for future taxes or requirements
• Employer


  Person who hires employees
• Employee


  Person who works for a wage or salary
• Work–life balance


  Achieving the right amount of time devoted to work and personal life
• Wellbeing


  A state of being comfortable, happy and healthy
• Common forms of income


  • Wages
  • Salaries
• Workers want to spend money on things they might not have been able to afford before
• Workers are motivated to go to work for happiness, a good life, feeling valued, and passing on knowledge
• Income and effort put into work

  Can shape status and how workers are viewed
• Historically, jobs requiring less effort were paid less
• People started to fight for wages to rise for lower-paid jobs
• Receiving praise from a supervisor can be more rewarding than pay
• Work provides the opportunity to meet other people and make friends
• People usually do volunteer work for pleasure and satisfaction
• Disposable income


  Funds available to be spent after all taxes, bills and compulsory costs of living are paid
• Having a job enables ease in paying compulsory expenses
• Superannuation


  Money set aside during working life for retirement
• People want retirement to be as carefree as possible
• 12.7 million Australians were working as employees
• Flexible working conditions


  Can be found when working part-time and casual
• Casual workers may not have as many rights and benefits compared to part and full-time employees
• Contracting allows businesses to hire workers for specific skill sets only when needed
• Requirements for businesses


  • A safe workplace
  • Adequate financial compensation
  • Necessary education and training
  • Contributions to superannuation
  • Essential rights to employees
• The Fair Work Commission administers the Fair Work Act 2009
• The Fair Work Ombudsman enforces compliance with the Fair Work Act
• Industrial action


  A temporary show of dissatisfaction by employees, such as a strike
• Trade unions seek better pay, safer working conditions, and increased job security
• Trade union aims


  • Protect interests of members
  • Improve working conditions
  • Ensure fair treatment
  • Promote quality of life issues
• Examples of trade union achievements include fair pay for women and protection against unfair dismissal
• The Australian Industry Group (AIG) represents about 60,000 businesses
• Employer association needs


  • Advocate for industry
  • Represent employers
  • Give advice and assistance
  • Lobby governments
• The government sets and enforces employment standards
• Government projects create and sustain employment in Australia
• Labour force


  People aged 15 and over who are either employed or unemployed
• Types of employment


  • Casual
  • Full-time
  • Part-time
  • Seasonal
  • Volunteer