Commerce - Working futures

workers pay taxes to the government, the gov will then redistribute these funds and provide the wants that society desires such as education and health

provides income to fund needs and wants, maintaining a good standard of living. developing strengths and talents, meeting new people.

The process by which the government collects money from individuals and businesses to fund public services and government functions.

The reallocation of income from certain groups to others in society, typically through taxes and government spending, to reduce income inequality and provide social support.

Levies imposed directly on the incomes of individuals and companies.

Taxes placed on the sale of goods and services, which are added to the price of items.

Income for the government from sources other than taxes, including asset sales, interest, repayment of HECS debts, and profits from government business enterprises.

To reduce income inequality and support those with lower incomes, promoting social welfare and economic stability.

Direct transfers, such as social welfare payments, and indirect support, such as subsidized healthcare, education, and public services.

To create a more equitable society, ensure basic living standards, and promote economic stability by reducing poverty and supporting low-income households.

Work for which individuals receive monetary compensation.

Work that is performed without monetary payment, such as volunteering or household duties.

Work where employees typically work 35–40 hours per week, often with benefits like job security and health insurance.

Job security, consistent income, and benefits like health insurance and paid leave.

Less flexibility in work hours and often a higher commitment level, which can impact work-life balance.

Work with fewer hours than full-time, allowing for more flexibility.

Greater work-life balance and flexibility in hours.

Often fewer benefits and less job security than full-time positions.

Work that is irregular or on an as-needed basis, with no guaranteed hours.

Higher hourly pay rate and flexibility in hours.

Lack of job security, benefits, and consistent income.

Work based on a set period or project, often specified by a contract.

Higher pay rates and the opportunity to gain experience in different areas.

Lack of job security and benefits, with income only during contract periods.

Opportunities for individuals to work without pay, often for non-profit organizations, community groups, or charitable causes.

Personal fulfillment, skill development, networking, and contributing to the community.

No monetary compensation, and it may require a significant time commitment.

Work for which individuals receive monetary compensation.

Work that is performed without monetary payment, such as volunteering or household duties.

Work where employees typically work 35–40 hours per week, often with benefits like job security and health insurance.

Job security, consistent income, and benefits like health insurance and paid leave.

Less flexibility in work hours and often a higher commitment level, which can impact work-life balance.

Work with fewer hours than full-time, allowing for more flexibility.

Greater work-life balance and flexibility in hours.

Often fewer benefits and less job security than full-time positions.

Work that is irregular or on an as-needed basis, with no guaranteed hours.

Higher hourly pay rate and flexibility in hours.

Lack of job security, benefits, and consistent income.

Work based on a set period or project, often specified by a contract.

Higher pay rates and the opportunity to gain experience in different areas.

Lack of job security and benefits, with income only during contract periods.

Opportunities for individuals to work without pay, often for non-profit organizations, community groups, or charitable causes.

Personal fulfillment, skill development, networking, and contributing to the community.

No monetary compensation, and it may require a significant time commitment.

Income earned on an hourly basis, often received weekly or bi-weekly, based on the number of hours worked.

Fixed regular payments, typically on a monthly or yearly basis, regardless of hours worked.

Income earned based on a percentage of sales made, commonly used in sales-based roles.

Income earned from owning a business, calculated as revenue minus expenses.

Income earned from investments in stocks, paid out as a share of a company's profits.

Income earned for providing professional services, often based on the time or expertise provided.

Income earned from allowing others to use intellectual property, such as books, music, or patents.

Different ways individuals or businesses receive money, including wages, salaries, commissions, profits, dividends, fees, and royalties.

Shifts in the percentage of the working-age population engaged in the workforce, often influenced by factors like economic conditions, education access, and social attitudes.

Increased education levels, aging population, economic shifts, and societal changes such as more women entering the workforce.

Flexible work arrangements can increase job satisfaction, improve productivity, and attract a diverse workforce by accommodating various life circumstances.

A good work-life balance can reduce stress, increase job satisfaction, and improve mental health for employees.

Employers benefit from higher employee morale, lower turnover rates, and improved productivity when employees maintain a healthy work-life balance.

Factors such as differences in industry and occupation, career breaks for caregiving, and gender-based discrimination contribute to income disparities between men and women.

There is now a stronger demand for flexibility, a focus on work-life balance, mental health awareness, continuous career development, and alignment with personal values, especially among younger generations.

Examples include international trade, multinational corporations, global supply chains, cultural exchange, technology and communication, global tourism, and international organizations.

Technology has enabled remote work, improved communication, automated tasks, and increased productivity, allowing employees to work more flexibly and businesses to operate more efficiently.

Globalization is the process of increasing interconnectedness between countries, driven by trade, technology, and cultural exchange, resulting in a more integrated global economy and cultural landscape

A shared economy is an economic model where individuals share or rent resources, goods, or services through digital platforms, promoting collaboration and reducing waste.

Examples include ride-sharing services like Uber and Lyft, home-sharing platforms like Airbnb, co-working spaces like WeWork ect

Benefits include cost savings, increased access to resources, environmental sustainability, flexibility, and opportunities for individuals to earn income by sharing underutilized assets.

The five major participants are employers, employees, contractors, governments, and trade unions.

Employers provide jobs, ensure a safe workplace, pay employees fairly, offer training, contribute to superannuation, and adhere to employee rights and Fair Work Commission standards.

Employees perform work in return for financial compensation, contributing their skills and time to meet the goals of their employer.

Contractors are hired for specific tasks or periods, providing specialized skills without being permanent employees, often to reduce costs or meet short-term needs.

Governments regulate workplaces through laws and organizations like the Fair Work Commission, ensuring fair wages, safe conditions, and compliance with workplace rights.

Trade unions advocate for better pay, safer working conditions, and job security, often using collective action like strikes to influence employers and government policies.

Types include full-time, part-time, casual, fixed-term, and freelance contracts.

They offer job security, regular income, paid leave, and benefits like superannuation.

They require long-term commitment and less flexibility in working hours.

They provide flexible hours, job stability, and pro-rata benefits like leave and superannuation.

Employees may earn less income compared to full-time workers.

They offer flexibility in working hours and higher hourly pay rates.

They lack job security, regular income, and leave entitlements.

They are ideal for short-term projects and can offer full-time benefits for the contract duration.

They provide no long-term job security and may result in gaps between contracts.

They allow independence, control over projects, and flexible work schedules.

Freelancers face income instability, no guaranteed work, and must manage their own taxes and benefits.

Types include income tax, goods and services tax (GST), corporate tax, payroll tax, and excise duties.

Tax payable is calculated based on taxable income and relevant tax brackets, with deductions and offsets applied.

Employers must provide a safe workplace, fair pay, training, superannuation contributions, and leave entitlements.

Employers must comply with laws, pay taxes, report employee earnings, and ensure workplace standards.

Parents are entitled to up to 18 weeks of paid leave at the national minimum wage, funded by the government.

In Sweden, parents receive 480 days of paid leave, with a portion reserved for each parent, at approximately 80% of their income.

It offers tax benefits, long-term growth, and a secure retirement income.

Funds are inaccessible until retirement, and returns depend on market performance.

Examples include failing to follow safety protocols, using faulty equipment, not wearing protective gear, and ignoring hazard signs.

Employers must provide a safe workplace, conduct risk assessments, offer safety training, maintain equipment, and comply with WH&S laws.

Employees must follow safety procedures, use protective equipment, report hazards, and cooperate with WH&S policies.

Discrimination may occur due to race, gender, disability, age, religion, sexual orientation, or other personal characteristics.

It prohibits discrimination based on race, color, descent, or national or ethnic origin in areas like employment and education.

It makes discrimination based on sex, marital status, pregnancy, or sexual harassment unlawful.

It protects individuals from discrimination based on physical, intellectual, sensory, or mental disabilities in employment and other areas.

It prohibits discrimination against individuals based on age in employment and other contexts.

It requires employers to implement equal opportunity policies to promote gender equity in the workplace.

The process includes providing a valid reason, following procedural fairness, offering warnings, and allowing the employee to respond.

Unfair dismissal occurs when an employee is terminated without a valid reason or not following a fair process.

Just dismissal is when an employee is terminated due to misconduct, poor performance, or redundancy, following proper procedures.

Penalty rates compensate employees for working outside standard hours, such as weekends, public holidays, or night shifts.

The main methods are negotiation, mediation, conciliation, arbitration, and workplace policies/procedures.

Unemployment is the condition of being able and willing to work, but unable to find a job despite actively seeking employment.

Types include cyclical (due to economic downturns), structural (mismatch of skills and jobs), frictional (between jobs), seasonal (work affected by seasons), and long-term (extended unemployment).

Full employment refers to the situation where all individuals who are willing and able to work at the prevailing wage rate are employed, with only frictional and seasonal unemployment present, specificly where it is consistent with stable inflation

The full employment rate in Australia is typically considered to be around 4% to 5%, which accounts for natural unemployment like frictional and seasonal unemployment.

Labour Force = Employed + Unemployed Persons

Unemployment Rate = (Unemployed Persons / Labour Force) x 100

Participation Rate = (Labour Force / Working Age Population) x 100