Free Sample: Australia Commerce Notes Year paper example for writing essay

Australia Commerce Notes Year - Essay Example

Resolving disputes: The law resolves disputes by providing services such as the police force, the court system and correctional services, and therefore stops individuals in society from taking matters onto their own hands. Age one can commit an offense: 10 you cannot, 10-12 it is assumed that you cannot (doll incapacity) Court hierarchy The Local Court: The local court has no jury. Instead a magistrate hears the case and decides the verdict and sets any punishments Deals with minor disputes for claims up to $40,000.

It hears minor criminal cases such as drink driving and assault charges Local court also Includes the coroners court and children’s court The District Court: Cases are heard by Judges Deals with more serious civil claims of up to $750,000 and serious criminal matters ouch as armed robbery and rape It hears appeals from the local court- appellate jurisdiction The Supreme Court: Is the highest court in NEWS.

It deals with most serious civil cases involving large sums of money Deals with murder The High Court: Deals with appeals from the state or territory Supreme Courts Basic Roles in a Courtroom Plaintiff – The plaintiff Is the person who Initiates the case in a non-criminal matter. Accused, defendant or respondent- the person against whom a case Is brought. Magistrate or judge – the person who decides the verdict of the case, whether the case has to go on to another court or be declared mistrial.

They should be addressed as Your Honor. Prosecutor – the person who appears in court to present the case against a defendant. Barrister – a legal advocate who is briefed by a solicitor on an individual’s behalf to present a case in court. Solicitor or duty solicitor – the person who presents a case to the court. A person may be entitled to representation by a duty solicitor if you do not have your own solicitor. Witnesses – may either give an account of events about a case, or give expert evidence upon mom matter affecting it. Tipsiest (Supreme and County Courts) – The tipsiest announces that the court is in session and administers oaths or affirmations to witnesses. The tipsiest looks after the Jury, escorting Jury members into the courtroom and Into the Jury room, and deals with any other practical matter for the Jury. Call Law Civil law, part of private law, allows an Individual to bring actions against members of the public for a civil wrong done to them.

The two main areas of civil law are the law fails to take reasonable care and, as a result, injures another person defamation ? here a person injures another person’s reputation Nuisance ? where a person causes unreasonable interference with another person’s right to quiet enjoyment of their property Trespass ? where a person interferes with another person, or that person’s property rights.

Terms adversarial system, system in which two opposing parties present their arguments too magistrate or Judge anarchy disorder or confusion due to the absence of government or laws appeal an application for a legal decision to be reviewed in a higher court bail to release an accused person who is awaiting trial Appeal- submitting a case for consideration y a higher authority Civil action- two individuals against one another common law system of law based on the previous decisions of Judges, or precedents constitution a document which sets out how an organization or a country will be governed Conviction/summary hearing- a hearing in a court where all evidence is heard and a final decision is made court a place where people can resolve disputes relating to law Criminal action- state against the individual defamation is where a person injures another person’s reputation defendant the arty in a criminal or civil trial against whom an action has been brought discriminate to treat somebody differently or less favorably because of her or his personal characteristics such as gender, ethnicity or religion double dissolution a decision made by the head of state to dissolve both houses of parliament Indictable offence- an offence you can go to Jail for Industrial law- Labor law mediates the relationship between workers, employers, trade unions and the government Judge a court official who has the power to make decisions on matters brought before a court of law Jury- a group of people (either 2 or six) selected to hear the evidence in a court case Legal aid- payment from public funds allowed, in cases of need, to help pay for legal advice or proceedings magistrate a court official who hears cases in the lowest court of law plaintiff the party that commences a civil action Police-police enforce laws that all people must obey. The also prevent and detect crime, protect life and property, and maintain peace and order precedent a previous legal decision that serves as a rule or pattern in future cases private law deals with disputes between private citizens public law deals with disputes that effect the community Role of courts- courts provide a forum to resolve disputes and to test and enforce laws in a fair and rational manner. Statute law laws made by parliaments sue to bring a civil action against another person for causing damage or injury Summary offence- an offence that cannot lead to imprisonment tort a civil wrong Traditional Aboriginal law and kinship- traditional indigenous rules that outline the correct way of living trial a process to determine whether someone committed a criminal act or caused another person a loss Economics/elements/Personal Income Reason for investing Investment is when money is spent so as to gain a profitable return. Businesses and individuals carry out investment, and they do so for a variety of reasons. Businesses: invest in new machinery, factories, other firms or their own workforces. Companies do this to increase their profit levels. Individuals: invest their savings in order to achieve some future goal.

These goals may be short term (O to 3 years), medium term (3 to 5 years) or long term (over 5 years). Governments: invest in areas such as education, roads, railways, Justice systems and defense forces. This type of investment does not directly create a profit. Its purpose is to ensure that a country is competitive against all other nations throughout the world. It also helps to build a more prosperous nation with an increasing standard of living. Ethical Investments An ethical investment is investing ones money in a socially responsible way: supporting industries that support safe, practice or preserve environment or alternatively don’t invest in companies who clearly do the wrong thing. Negative screening- avoiding investment in industries which have a negative impact on society and the environment Positive screening- proactive search for investments that nutrition positively to society and the environment Risk and Return Calculation Borrowing Money Types of loans: personal loans- secured (deposit to guarantee) and unsecured (no deposit to guarantee)-, mortgage loans, bank overdraft, credit cards Overdraft- a deficit in a bank account caused by drawing more money than the account holds Mortgage- a legal agreement by which a bank, building society, etc. Lends money at interest in exchange for taking title of the debtor’s property, with the condition that the conveyance of title becomes void upon the payment of the debt Circular Flow of

Money Abbreviations: Y=income C=consumption expenditure S=savings I?investment T=taxation G=Government expenditure M=lamppost X=Exports Government Intervention in the Economy The government may intervene in the economy for a number of reasons. In a mixed economy, such as in Australia, the government rely on supply and demand forces to determine market price or supply of goods and services. When the market mechanism does not work effectively then the government will intervene to ensure the market functions properly. The government can cause three mechanisms to influence the markets. Monetary Policy of Australia (this is because the government is influenced by the electorate and therefore is incapable of effectively managing this policy) to determine the cash rate. The cash rate/interest rate changes influence the spending habits of borrowers I. E. He spending habits of household owners and businesses borrowing intentions. Fiscal Policy Fiscal policy involves government spending or taxation. An example of the influence in the market place is the SGF. The government provided a stimulus package during the SGF to stimulate the economy. Age. The Education Building Fund b. Infrastructure Fund (building ports and railways to expand Australia’s export capacity) c. $900 handout to each employee (this was an immediate injection to the hands) Microeconomic Policy The government can also make changes to regulations for different industries to reallocate resources to be more productive. An example is during the mining boom sass’s -2012 the government allowed 457 visas.

People from overseas can come and work but were not allowed to stay once he work was finished. Business Cycle If a business makes too many goods then it lowers prices to reduce expenses, and also reduces the number of employees. The employees have less money therefore spend less. If consumers spend less the company makes less-needs less employees and so on. A decrease in growth and a downturn in the business cycle, I. E. Less output is produced. Contraction Key features: 1. Falling levels of production output 2. Decrease in consumer spending 3. Rate of inflation may fall and drop prices as less demand for goods and services means less spending 4.

Wage rates might fall and there may be an increase in part time work 5. Level of unemployment would rise 6. Interest rates fall to encourage spending by consumers Expansion Key Features: 1. Rising levels of production increase output 2. Increase in consumer spending 3. Rise in employment 4. Wage rates generally rise 5. Eventually rising incomes lead to increase in spending chasing few goods leading to inflation (general increase in price of goods and services) 6. Interest rates rise to try and slow consumer spending for goods and services Share Indices Indices allow investors to gain an insight into the performance of an asset class or a segment of that asset class.

Indices are used as the underlying for various financial instruments and to benchmark the performance of portfolios designed to replicate he performance off given asset class. Types of share indices- capitalization indices, fixed income indices, residential property indices, sector indices, strategy indices, and volatility indices Types of Income commission- the percentage of a sales price received by a salesperson for her or company to its shareholders out of its profits (or reserves). Fee- Doctors, dentists and lawyers charge a fee for their services- payment for services received Interest- Money that is earned for having money in a holding bank). Money that is paid for borrowing money (e. G. Room bank) Overtime- Work more than the allocate ours in a week Salary- Based on yearly payment Pocket Money- Money from your parents usually for doing odd Jobs or referred to as weekly allowance Profit- Self- employed gain income from sales- expenses Rent- Income earned from property investment royalty a sum paid to authors, musicians, and so on, as a percentage of the proceeds from their work Salary- A fixed regular payment, typically paid on a monthly or biweekly basis but based on an annual sum, made by an employer to an employee Social Welfare Payments- A payment for someone unemployed Tip- Extra Money given or paid for good service Wage- Income earned on an hourly rate Calculating Interest and Exchange Rates Interest Rates I=PART Interest = price x rate x time Exchange Rates AU,mkjngtvrf5c4t5gyu7$1 = US$O. 97 = AU$1/97 US$I . 3 Terms Appreciation- an upward movement of the Australian dollar (or any currency) against another currency Appreciation- an upward movement of the Australian dollar (or any currency) against another currency ASS- Australian Stock Exchange balance of trade- the difference between the value of a nation’s imports and the value of its exports Bankrupt- Declared in law unable to pay outstanding debts anoraks when a business, or person, is unable to pay her or his debts Budgeting- A systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period business cycle- the cyclical fluctuations in the level of economic activity that an economy goes through over time comparison rate- loan interest rates calculated after adding fees and charges to the lender’s advertised rate Consumer Price Index (ICP)- Australia’s main measure of inflation ICP- Consumer Price Index credit bureau an organization that keeps on file the credit records of consumers Creditor- a person or company to whom money is owed. Creditor a person who is owed money debtor a person who owes money default notice a document from a lender stating that a person has failed to carry out the terms of the contract Default- the inability to repay borrowed money Deflation- Reduction of the general level of prices in an economy. Depreciation- a downward movement of the Australian dollar (or any currency) against another currency depression- a severe contraction in the level of economic activity sometimes falling E – commerce- online retail equities stocks and shares held by an individual axed expenses expenses that are the same amount every time foreign debt- the amount of money a country has borrowed from overseas sources foreign exchange (force or fax) market- this market determines the price of one currency relative to another foreign exchange rate the ratio of one currency to another garnisheed a certain amount of money can be taken out of the borrower’s wages Guarantor- A guarantor is a party that says I will repay a loan if the borrower can’t guarantor someone who guarantees to pay back the money if the borrower does not impulse eying buying something without giving much thought as to whether you really need it income money received on a regular basis from work, property, business, investment or welfare payments inflation a general rise in prices, causing money to lose its value interest rate the annual cost of borrowing credit or the annual return on invested savings; the price of money investment putting money into something in order to make a profit. Individuals, government and business all carry out investment. Investment- The action or process of investing money for profit or trial result or a thing that is bought because it may be profitable or useful in the future investment the purchase of new plant and equipment macroeconomics the study of the economy as a whole mixed economy an economic system in which individuals and businesses make their own decisions but with a degree of government involvement net income the amount a person has left after income tax is deducted portfolio a range of low-risk and high-risk financial investments premium the amount of money to be paid to receive insurance cover purchasing power the actual quantity of goods and arrives that may be bought with a given amount of money real income what an income will actually purchase in terms of the quantities of goods and services, after allowing for the effects of inflation recession a relatively mild contraction in the level of economic activity resulting in reduced spending, rising unemployment and a slow rate of economic growth repossession to take back goods bought on credit if repayments have not been made savings plan a commitment to regularly put aside some money for future use secured loan something deposited as a guarantee to life the payment of a loan social welfare payment a payment made by a government to help people who are deemed in need of financial assistance supreme loans loans to borrowers who have a poor credit rating. They are offered at a higher rate of interest than for prime loans. Superannuation a way of saving so an employee has some money in retirement term the length of time allowed to repay a loan unsecured loan nothing is deposited as a guarantee to fulfill the payment of the loan variable expenses, expenses that change over time wage money received by workers, usually on a weekly basis, for services they revived to an employer Towards Independence Organizations Providing Support Government- Department of Family and Community Services, NEWS Department of Paul Community- Youth refuge, community centers, lifeline, community housing Costs of moving When moving into a flat or house, there are two types of costs: Establishment costs- one-off costs that are involved in setting up your new place. Typical establishment costs include the rental bond, telephone connection, essential whiteheads such as a refrigerator and washing machine, furniture, and moving costs. Ongoing costs- costs that are recurring. Typical ongoing costs include rent, electricity, gas, water, telephone, groceries, bond, insurance, and travel expenses.

Budgeting and minimizing costs Avoiding Financial Problems Strategies that can be used to avoid financial problems when living with other people include: Each person in the house/flat pays a set amount into a central fund called a kitty. This is then used to pay the bills associated with the whole group; e. G. Food, rent, gas and electricity. Use your own mobile phone instead of trying to share a phone bill. A set of rules is drawn up. These would cover things such as a roster for cooking and cleaning. Everyone should have a budget. Budget Budget: a list of planned income and expenditure for some future period. Budgets help people to manage their finances successfully. A simple household budget shows the expected income, the main expenses and the remaining funds, if any, that can be saved each month. Bond money that is lodged with the Rental Bond Board.

It is used to cover any damages or cleaning costs if the rented premises are left in an unsatisfactory condition. Centerline the main federal government welfare agency. It provides financial assistance as well as counselors and social workers to those in need. Community services services largely funded from within the community to provide something that is desirable but not profit making condition report details the exact condition off property when new tenants move in debit card plastic card that allows you to buy goods by electronically transferring money out of your account and into the store’s account. It can also be used to obtain cash. Establishment costs one-off costs for setting up a new place to live or a business exclusions the things that an insurance policy will not specifically cover inclusions the things that an insurance policy covers insurance the payment of an amount of money that covers a person or property in the event of loss, damage or accident so that the person does not suffer a severe financial setback insured the person who is covered by the insurance policy insurer the company that is providing the insurance kitty a central fund landlord the person who owns the premises being rented lay-by the system that allows a customer to purchase a good by paying a deposit and then making regular repayments for a set time. You obtain the good when the final payment is made. Mortgage a loan for goods or a property. If you fail to make your loan repayments, then the mortgagee will repossess the goods and sell them. Electricity bills premium the amount of money to be paid to receive insurance reservation fee usually one weeks rent that will reserve the premises for a cover person while their application for tenancy is being considered residential tenancy agreement the standard agreement between tenants and a landlord when a house or flat is being rented tenant the person who rents a property from a landlord warranty a promise to repair any defects that are in a product Political Involvement Eligibility to vote It is compulsory to enroll and vote in federal elections or referendums if you: an Australian citizen, and are 18 years of age or older*, and are have lived for at least one month at your current address. You are not required to enroll and vote if you: are not an Australian citizen, are of unsound mind (incapable of understanding the nature and significance of voting), or have been convicted of treason or treachery and have not been pardoned.

The Greens The Australian Greens are part of the global “green politics” movement. The charter of the Australian Greens identifies the following as the four pillars of the party’s logic: Social Justice Ecological sustainability Grassroots democracy Peace and non-violence Types of voting systems Preferential Voting The object of preferential voting is to ensure that the candidate(s) most preferred by the voters are elected to fill the vacancies. A candidate must receive an absolute majority of votes (more than 50%) to be elected. The major disadvantages of any preferential system are: The percentage of informal votes is generally higher, and Electors may be required to express preferences for unknown candidates.

First Past the Post The candidate who polls the highest number of votes is elected. Proportional Representation (single transferable vote) Proportional representation systems were devised to produce ‘proportional’ election results?parties should win parliamentary seats roughly in proportion to the size of their vote. Ideally, 50 per cent of the vote should win about 50 per cent of the seats. Proportional representation is not a single method of election, for there are a number of variations in use, including the single transferable vote, which is a preferential voting system designed to ensure that votes are for individual candidates rather than for party lists.