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Commerce Notes
Review of GFC
GFC (U
...
A
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- The GFC started in 2007 due to homeowners defaulting on risky mortgages resulting in the Wall Street
crash
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S
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European Crisis (Greece)
- The EU (also known as the Eurozone) was formed to remove trade barriers between European
countries
...
Less stable economies that usually would only be
able to borrow money with high interest were now able to borrow money will low interest with the
security of countries with Germany
...
- Greece wants to exit the EU (by voting as a referendum by a nation), but Germany and Poland did not
allow that
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Labour Exploitation in Developing Countries
Labour exploitation is treating someone unfairly, in order to benefit from their work
...
This is normally seen in developing countries (countries with a large percentage of poor and
underprivileged peoples) as the people living there have less opportunities for work, and they need a
way to make money to support their family and themselves
...
Companies who use labour exploitation are Apple, Nike and some others
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Management Issues
Commercial Issues
• Business practices and ethics varying between countries
• Tax obligations
• Social and cultural differences
Legal Issues
• Unique legal systems
• Need to understand local customs
• Difficulty in resolving contract-related disputes
...
• Loading
o Extra pay to compensate casual employees for lack of access to entitlements
...
• Full Time
o Generally 38 hours a week with continuing employment with a range of entitlements
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• Casual
o Employed of an hourly basis without access to entitlements but receive a loading to
compensate
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Unemployment
Unemployment Rate
• Currently at 6
...
5%
To be included in the Unemployment Figure…
• You must be willing and able to work
• You must be actively seeking employment
Changing Work Patterns
1
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As work and job availability changes throughout time, and new jobs come up, these jobs require
different employee expectations, and they have different job security ways
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The blacksmith would've had different expectations, such as
to work long hours, whereas an app developer would not have these expectations, as the new
field that they work in is much different than what a blacksmith would've worked in
...
2
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Job security is the most powerful in changing working patterns, as many more people are being
made aware of some of the harsh conditions some people work in
...
Also as new jobs become available, new rules are made for them, and
working hours are re-thought depending on the demand for that certain job
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Three elements of a contract
1
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Consideration
3
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An
interview will occur and the terms and conditions will be outlined
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The employment contract
The contract does not have to be written
It can be verbal (spoken), however it would be safer to have it written down in case one of the parties
does not abide by the conditions outlined in the offer
...
Who are the parties in a contract?
The employee and the employer
2
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This redundancy
package is lower than a voluntary package
Privacy & monitoring
• Performance appraisal is necessary and required
• Close circuit surveillance, web hits, key strokes, emails while at work, raises ethical issues
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