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Commerce Vocabs

Year 10 Half yearly commerce vocabs - Globalisation and Employment Issues

TermDefinition
E-Commerce The buying and selling of information, goods and services via the internet
Exports Goods and services sold to another country
Global consumer A person who buys goods and services from other countries
Globalisation A trend that sees people, goods, money and ideas moving around the world faster and more cheaply than before
Imports Goods and services bought from another country
International Trade The buying and selling of goods and services between nations
Equities (Shares) Ownership entitlements in a company
Managed fund Money from a large number of smaller investors is pooled together and managed as one large investment portfolio by a professional investment manager
Gross domestic product The total value of all goods and services produced in an economy in a given year
Parent company A company that owns or controls another company
Subsidiary A company owned and controlled by another company
Transnational corporation (TNC) A large business organisation that has a home base in one country, and operates partially owned or wholly owned businesses in other countries
Bicultural able to appreciate and understand the business practices and customs in the host country, and speak the language of both home and host country
Cultural diversity The multitude of individual differences that exist among people
Labour Standards Those conditions that affect a business's employees, or those of its suppliers, subcontractors or others in the supply chain
Appreciation an upward movement of the Australian dollar (or any currency) against another currency
Depreciation a downward movement of the Australian dollar (Or any currency) against another currency
Foreign exchange rate The ratio of one currency to another; it tells how much a unit of one currency is worth in terms of another
Intellectual Property Property that is created by an individual's intellect; a song, poem, novel and so on
Political risk Any political event which results in a drastic change to the country's business environment and which ultimately has a negative impact upon business operations and profit
Foreign Aid Financial and technical assistance by government and non-government (Private) organisations from developed (High income) nations to developing (low income) nations
Entitlements non-wage benefits such as long service leave or sick leave
Loading extra pay (often up to 20% extra) on top of the normal full-time rate to compensate casual employees for lack of access to entitlements
Labour force All those people who have jobs - that is, are employed; plus all those people who are actively seeking work - that is, are unemployed
Primary industry Industry involved in the growing or extracting of natural resources
Secondary Industry Industry involved in turning new materials into finished or semi-finished products
Tertiary industry Industry involved in providing a service to others
Participation rate The proportion of people aged 15 or over employed or actively looking for work
Employee A person who works for a wage or salary
Employer A person who hires employees
Apprenticeship training and education in a trade (Eg. plumbing, carpentry, floristry)
Cadetship professional job training in a full-time job, with time allocated to attend university or TAFE
Award a document that outlines an employee's minimum pay and conditions
Employment contract a legally binding, formal agreement between an employee and an employer
Common law (employment) contract when employers and employees have the right to sue for compensation if either party does not fulfil their part of the contract
Enterprise agreement agreement about pay and conditions made at enterprise/workplace level
Created by: NatalieT
Popular Family and Consumer sets

 

 



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