Commerce Questions and Answers:

1. Factors Influencing Consumer Decisions: Consumer decisions are influenced by various

factors, including:

 Price: Affordability often plays a crucial role in decision-making.

 Quality: Consumers assess the quality and durability of a product.

 Brand Reputation: Trust in a brand can heavily influence choices.

 Advertising: Marketing and advertising impact consumer perceptions.

 Peer Influence: Recommendations from friends and family can sway decisions.

 Personal Preferences: Individual tastes, preferences, and needs guide choices.

2. Rights of Consumers and the Competition and Consumer Act 2010:

 Right to Safety: Consumers have the right to safe products.

 Right to Information: Access to accurate information about products is crucial.

 Right to Choose: Consumers can select from a variety of products and services.

 Right to be Heard: Consumers have the right to voice concerns.

 The Competition and Consumer Act 2010 aims to protect these rights by regulating
fair trade practices, preventing false or misleading conduct, and ensuring product
safety.

3. Consumer Redress and Issue Resolution:

 Consumer Redress: It refers to the compensation or resolution sought by consumers

for product or service dissatisfaction.

 Methods for Issue Resolution:

 Contacting the Seller: Reach out to the seller or service provider directly.

 Consumer Protection Agencies: Lodge complaints with relevant consumer

protection organizations.

 Legal Action: In severe cases, legal action can be pursued.

 Mediation or Arbitration: A neutral third party can assist in resolving

disputes.

4. Process of Redistribution of Income:

 Taxation: Governments collect taxes, and the funds are used for public services and
income redistribution.

 Social Welfare Programs: Government programs provide financial assistance to

those in need.

 Progressive Taxation: Tax rates increase with income levels, contributing to income
redistribution.
5. Role of Trade Unions in Protecting Employees:

 Collective Bargaining: Unions negotiate with employers for better wages and
working conditions.

 Workplace Representation: Unions represent employees in discussions with

management.

 Advocacy for Workers' Rights: Unions advocate for fair labor practices, benefits, and
job security.

 Strike Action: In extreme cases, unions may organize strikes to address labour
concerns.

6. Influence of Technology on Workplace Changes:

 Automation: Technology has led to increased automation, reducing the need for some
manual tasks.
 Remote Work: Advances in technology allow employees to work from different locations.
 Communication: Tools like email and video conferencing enhance workplace
communication.
 Efficiency: Technology improves efficiency through software and streamlined processes.

7. Role of Work Health and Safety Legislation:

 Employee Protection: The legislation ensures a safe and healthy working environment.
 Risk Mitigation: Employers must identify and manage workplace risks to prevent accidents.
 Rights and Responsibilities: Defines the rights of employees and the responsibilities of
employers for maintaining a safe workplace.

8. Methods of Resolving Disputes in the Workplace:

 Mediation: A neutral third party helps disputing parties reach a mutual agreement.
 Grievance Procedures: Organizations have internal procedures for addressing and resolving
workplace grievances.

9. Advantages and Disadvantages of Using Savings and Borrowings for Investment:

 Advantages:
o Savings: No interest payments, reduced financial risk.
o Borrowings: Leverage can amplify returns, allowing larger investments.
 Disadvantages:
o Savings: Limited capital for significant investments.
o Borrowings: Interest payments, increased financial risk.
10. Investment Options for an Individual:

 Savings Accounts: Provide a safe place to store money with minimal risk.
 Stock Market: Investing in shares of publicly traded companies.
 Real Estate: Purchasing property for potential appreciation or rental income.
 Bonds: Fixed-income securities offering periodic interest payments.
 Mutual Funds: Pooled funds managed by professionals, offering diversification.

11. Define Ethical Investments:

 Ethical investments involve putting money into businesses or projects that align with
the investor's moral and social values. These investments consider environmental,
social, and governance (ESG) criteria to ensure a positive impact.

12. Relationship Between Risk and Return:

 The relationship between risk and return is a fundamental principle in finance.

Generally, higher potential returns come with higher levels of risk. Investors must
balance their risk tolerance with the desired return on investment.

13. Rate of Return Calculation:

14. Role of ASIC in Protecting Investors:

 The Australian Securities and Investment Commission (ASIC) oversees financial

markets and services to ensure they operate fairly, transparently, and efficiently.
ASIC protects investors by enforcing regulations, promoting market integrity, and
providing information to assist informed decision-making.

15. Forms of Tourism:

 Forms of tourism include:

 Adventure Tourism
  Cultural Tourism

 Eco-Tourism

 Medical Tourism

 Sports Tourism

16. Key Considerations in Planning a Trip:

 Key considerations in trip planning involve:

 Budgeting

 Destination Research

 Accommodation

 Transportation

 Safety and Health Precautions

17. Documents for Entry to Australia:

 An individual entering Australia must possess a valid passport and, depending on

their nationality, may require a valid visa.

18. Impact of Overtourism:

 Overtourism refers to excessive tourism causing strain on destinations. An example

is Venice, where large numbers of tourists impact local infrastructure, environment,
and residents' quality of life.

19. Role of DFAT:

 The Department of Foreign Affairs and Trade (DFAT) manages Australia's

international relations. In the context of tourism, DFAT provides travel advice to
ensure the safety and security of Australians abroad.