jaconline.com.

au

First published 2005 by

John Wiley & Sons Australia, Ltd
33 Park Road, Milton, Qld 4064
Offices also in Sydney and Melbourne
Typeset in 10.5/12 pt New Century Schoolbook
National Library of Australia
Cataloguing-in-publication data
Chapman, Stephen (Stephen John).
New concepts in commerce.
Includes index.
For secondary school students years 710.
ISBN 0 7314 0135 2.
1. Commerce Textbooks. I. Freak, Malcolm. II. Title.
381
All rights reserved. Except where permission is given to copy
specific material, no part of this publication may be
reproduced, stored in a retrieval system, or transmitted in any
form or by any means, electronic, mechanical, photocopying,
recording or otherwise, without the prior permission of the
publisher.
Cover image: Australian Picture Library/Corbis/Images.com
Internal design images: PhotoDisc, Inc.
Illustrated by: Shane Collinge, Stephen Francis,
Margaret Hastie, Jonathan Passamani, Bronwyn Searle,
Terry St Ledger and the Wiley Art Department
Printed in Singapore by
Craft Print International Ltd
10 9 8 7 6 5 4 3 2 1

Contents
2.3
2.4
2.5
2.6
2.7

Factors that influence the need for saving 42

Borrowing money 44
Managing your money 48
Insurance 50
Consequences of poor financial
management 52
2.8 Sources of financial advice 56
2.9 Laws that regulate and monitor the financial
services industry 58
2.10 Investing money 60
2.11 Overview of investment options 62
Check and challenge 66

Preface vi
About the authors vi
Syllabus table vii
How to use this book viii
About the CD-ROM x
Acknowledgements xi

CORE
Chapter 1

Consumer choice

1.1
1.2
1.3
1.4
1.5
1.6
1.7

Commerce and choice 4

Comparison shopping 8
Choosing where to buy 10
Key factors affecting consumer decisions 14
The need for consumer protection 16
Features of a simple contract 18
Legal rights and protective legislation for
consumers 20
1.8 Organisations that provide assistance for
consumers 22
1.9 The processes of consumer redress 24
1.10 Payment choices 26
1.11 Methods of keeping records 30
1.12 Changes over time and the impact of
technology 32
Check and challenge 34

Chapter 3

Law and society

68

3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.9

Reasons for laws 70

The legal system 72
The court structure hierarchy 74
The role of court personnel 76
Juries 78
Areas of law 80
How laws are made 82
How a bill becomes a law 86
The relationship of laws to values, morals and
ethics 88
3.10 How laws are changed 90
3.11 Accessing the law 92
3.12 Issues of fairness in using the law 94
Check and challenge 98

Chapter 2

Personal finance

36

2.1 Earning an income 38

2.2 Spending and saving income

Chapter 4
40

Employment issues

100

4.1 Types of employment 102

4.2 Changing work patterns 104
4.3 Benefits of education
and training for
employment 108
4.4 Types of employment
contract 110
4.5 Unemployment 114
4.6 Legal issues relating to the
workplace 118
4.7 The role of unions and employer
groups 122
4.8 Resolving disputes 124
4.9 Taxation and
superannuation 126
Check and challenge 130

Chapter 8

OPTION

Global links
8.1
8.2
8.3
8.4
8.5
8.6

Chapter 5

Investing 132
5.1
5.2
5.3
5.4
5.5
5.6
5.7

Investment decisions 134

Financing investment 136
Ethical investments 138
Range of investment options 140
Risk and return 144
Selecting a mix of investments 146
Maintaining records and monitoring
investments 148

Chapter 9

Towards independence
9.1
9.2
9.3
9.4
9.5
9.6
9.7

Chapter 6

Promoting and selling

150

6.1
6.2
6.3
6.4

The selling process 152

Product promotion strategies 154
Targeting customers 158
Product promotion strategies: legal and
ethical issues 160
6.5 Applying selling techniques 162
6.6 Monitoring and evaluating selling
techniques 164

200

Moving from home 202

Arranging accommodation 204
Processes for arranging a lease 206
Managing finances 208
Insurance 210
Major purchases 212
Community involvement and lifestyle
issues 216

Chapter 10

Political involvement
10.1
10.2
10.3
10.4
10.5
10.6

Chapter 7

E-commerce

184

The global consumer 186

Australias patterns of trade 188
The global investor 190
Transnational organisations 192
Global business 196
International aid programs 198

166

7.1
7.2
7.3
7.4
7.5
7.6

The scope of e-commerce 168

Online shopping 170
Advice on consumer issues 174
E-consumer protection issues 176
Financial services 178
Laws relating to young people using
e-commerce 180
7.7 Workplace issues 182

218

Structure of government 220

Political action 222
Decision making 224
Participation in the democratic process 228
Role and function of political parties 230
Pressure groups and individuals: strategies,
rights, responsibilities 232

Chapter 11

Travel

234

11.1 Travel destinations 236

11.2 Factors influencing the choice of travel
destinations 238
11.3 Planning a
trip 240
11.4 Options for
organising
travel 242
11.5 Considerations
when planning a
trip 244
11.6 Organising an
itinerary 246
11.7 Solving travel
problems 248

iv

Chapter 12

Chapter 14

The law in action 252

Community participation

12.1 Contact with the law 254

12.2 Contact with the criminal law and elements of
a crime 256
12.3 Punishment for a crime 258
12.4 Youre under arrest 260
12.5 Contact with the civil law 262
12.6 Rights, responsibilities and protection under
the law 264
12.7 Methods of resolving disputes 266

14.1 Non-profit organisations 286

14.2 Roles, functions and impact of community
organisations 288
14.3 Active community participation 290
14.4 Benefits of membership and how to be an
effective participant 292
14.5 Goal-setting in a range of contexts 294
14.6 Strategies for achieving objectives 296
14.7 Achieving community outcomes 298

Chapter 13

Chapter 15

Our economy

268

Running a small
business 300

13.1
13.2
13.3
13.4

Economic links 270

The business cycle 272
Interest rates 276
Effects of rising and falling interest
rates 278
13.5 Inflation 280
13.6 Exchange rates 282

15.1 Being an
entrepreneur 302
15.2 Selecting business
opportunities 304
15.3 Selecting the
appropriate
structure 306
15.4 Going into
business 308
15.5 Meeting regulations
and selling
products 310
15.6 Maintaining
records 312
15.7 Risk management
and key issues
related to running a
business 316
Index

318

284

Preface
New Concepts in Commerce is specifically designed
to meet the requirements of the new Stages 4 and 5
New South Wales Commerce syllabus.
The introduction of a new Commerce syllabus
provides us with the opportunity to revitalise our
teaching and learning strategies for the Middle
Years. Engaging different types of adolescent
learners is now a priority of new curriculum
initiatives. By using New Concepts in Commerce,
students will develop personal competence and the
ability to responsibly participate in our changing
commercial environment.
New Concepts in Commerce provides students
with a variety of activities, designed to cater for
students with varying abilities. Activities not only
promote progress towards the achievement of
Stages 4 and 5 Knowledge and Skills outcomes but
also the expression of attitudes and values.
The rapid pace of change within the commercial
world makes Commerce a stimulating and exciting
subject, but can make it difficult for students and
teachers to access contemporary and interesting
resources. Therefore, all topics in this text are
supplemented with a wide range of real-life and
hypothetical case studies covering consumers and

businesses, and the issues currently affecting them.

This enhances understanding and provides a base
model for students own research. Internet research
is encouraged and by using Jacarandas website
www.jaconline.com.au/commerce students and
teachers can access an extensive range of up-to-date
commerce-related links.
As teachers and examiners with a diverse range
of teaching experiences, we have written this text
with the needs of our students very much in mind.
The language level is accessible to all students.
Concepts are explained in straightforward terms,
and reinforced by numerous up-to-date case
studies, engaging visuals, careful definition of
terms, a structured step-by-step approach in line
with the new syllabus and easy-to-read diagrams.
The features of this textbook and CD-ROM are
described on pages viiiix. Together with the New
Concepts in Commerce Worksheets and additional
resources at www.jaconline.com.au/commerce, this
is an integrated package of the essential elements
needed to make the Commerce course exciting,
dynamic and meaningful for both students and
teachers. In this sense, the text mirrors the
excitement of commerce itself.

About the authors

Stephen Chapman has written
extensively for New South Wales
school courses. His credits
include the original Concepts in
Commerce, the popular senior
series Business Studies in Action,
Introducing Economics and a
range of web-based resources. An
experienced classroom and head
teacher of some 25 years, an HSC
marker and a part-time TAFE
teacher, Stephen has also worked
as an advisory consultant for government bodies and
is a regular presenter at schools in-service and
professional development days. He has won awards
for teaching excellence and pedagogical writings as
well as a Commonwealth Parliamentary Teaching
Fellowship.

vi

Malcolm Freak has 25 years

of teaching experience in New
South Wales schools, primarily
in Commerce and Economics,
and is currently a Head Teacher,
Social Science. He is an established co-author of a range of
popular teaching resources for
New South Wales students,
including the original Concepts
in Commerce and Introducing
Economics. Malcolm has also
been involved in HSC marking for Economics.

Syllabus table
Section numbers in
New Concepts in Commerce
and related Worksheets*

Topics

Students learn
about:

Core 1.1
Consumer
choice

Commerce and
choice

1.1, 1.2, C&C, WS1.1

Consumer
decisions

1.3, 1.4, C&C, WS1.2, WS1.3,

WS1.4

Consumer
protection
Payment choices

Core 1.2
Earning an
Personal finance income
Spending and
saving income

Topics

Option 5
Towards
independence

Moving from
home

9.1, WS9.1

Arranging
accommodation

9.2, 9.3, WS9.2

1.5, 1.6, 1.7, 1.8, 1.9, C&C,

WS1.5, WS1.6, WS1.7

Managing
finances

9.4, 9.5, WS9.3

1.10, 1.11, 1.12, C&C, WS1.8

Major purchases

9.6, WS9.4

2.1, C&C, WS2.1

Community
involvement

9.7

Lifestyle issues

9.7, WS9.5 (topic test)

Structure of
government

10.1, WS10.1

Political action

10.2, WS10.2

Decision-making

10.3, WS10.3

Participation in
the democratic
process

10.4, 10.5, 10.6, WS10.4,

WS10.5 (topic test)

Travel
destinations

11.1, 11.2, WS11.1, WS11.2

2.2, 2.3, C&C, WS2.2

Option 6
Political
involvement

Borrowing money 2.4, WS2.3

Core 2.1
Law and society

Core 2.2
Employment
issues

Option 1
Investing

Option 2
Promoting and
selling

Option 3
E-commerce

Option 4
Global links

Section numbers in
New Concepts in Commerce
and related Worksheets*

Students learn
about:

Managing
finances

2.5, 2.6, 2.7, 2.8, 2.9, C&C,

WS2.4, WS2.5, WS2.6, WS2.7

Investing money

2.10, 2.11, C&C, WS2.8

The legal
framework

3.1, 3.2, 3.3, 3.4, 3.5, C&C,

WS3.1, WS3.2, WS3.3

Areas of law

3.6, 3.7, 3.8, 3.9, 3.10, C&C,

WS3.4, WS3.5, WS3.6, WS3.7

Using the legal

system

3.11, 3.12, C&C, WS3.8, WS3.9

Planning a trip

11.3, 11.4, 11.5, WS11.3,

WS11.4

The workplace

4.1, 4.2, 4.3, 4.4, 4.5, C&C,

WS4.1, WS4.2, WS4.3, WS4.4,
WS4.5

Organising an
itinerary

11.6

Employment
relations

4.6, 4.7, 4.8, C&C, WS4.6

Solving travel
problems

11.7, WS11.5 (topic test)

Taxation and
superannuation

4.9, C&C, WS4.7, WS4.8

Contact with the

law

12.1, 12.2, 12.3, 12.4, 12.5,

WS12.1, WS12.2, WS12.3

Investing

5.1, 5.2, 5.3, WS5.1

Rights and
responsibilities

12.6

Investment
options

5.4, 5.5, WS5.2, WS5.3

Resolving
disputes

12.7, WS12.4, WS12.5 (topic

test)

Investment
planning

5.6, 5.7, WS5.5 (topic test)

Economic change

13.1, 13.2, 13.3, 13.4, WS13.1,

WS13.2, WS13.3, WS13.4

The selling
process

6.1, 6.2, WS6.1, WS6.2

Price changes

13.5, 13.6, WS13.5 (topic test)

Targeting
consumers

6.3, 6.4, WS6.3

Non-profit
organisations

14.1, 14.2, WS14.1

Applying selling
techniques

6.5, 6.6, WS6.4, WS6.5 (topic

test)

Active
community
participation

14.3, 14.4, WS14.2

The scope of ecommerce

7.1

Goal-setting in a
range of contexts

14.5, 14.6, WS14.3

The e-commerce
user

7.2, 7.3, 7.4, 7.5, 7.6, 7.7, WS7.1,

WS7.2, WS7.3, WS7.4, WS7.5
(topic test)

Achieving
community
outcomes

14.7, WS14.4, WS14.5 (topic

test)

The global
consumer

8.1, 8.2, WS8.1, WS8.2, WS8.3

Being an
entrepreneur

15.1, WS15.1

The global
investor

8.3

Planning for
success

15.2, 15.3, 15.4, WS15.2,

WS15.3

Transnational
organisations

8.4, 8.5

Business
operation

15.5, 15.6, 15.7 WS15.4, WS15.5

(topic test)

Global business

8.6, WS8.4

International aid
programs

8.7, WS8.5 (topic test)

Option 7
Travel

Option 8
Law in action

Option 9
Our economy

Option 10
Community
participation

Option 11
Running a
business

* C&C = Check & challenge sections WS = Worksheet

Note: Content on Current issues is integrated through options
chapters in this book and on the website in weblinks and websheets.

vii

How to use this book

The following examples highlight the structure and main features of New
Concepts in Commerce and the additional facilities offered when using the
textbook on the CD-ROM.
Chapters cover each of the four core topics
and all eleven option topics.

glossary
acceptance: when the offeree agrees to the proposal
barter: the swapping or exchanging of one good for
another
book up: a charge account operated by a trader
budget: a list of income and likely expenditures
caveat emptor: let the buyer beware
cheque: a written communication ordering your financial
institution to pay a person a specific amount of money
comparison shopping: contacting (by telephone or
Internet or in person) a number of sellers to obtain the
best deal
consideration: the giving up of something of value
consumer: someone who purchases goods and
services to satisfy needs and wants
contract: a legally binding agreement
drawee: the financial institution that provides cheque
account facilities
drawer: the person who writes and signs a cheque
EFTPOS: electronic funds transfer at point of sale
goods: items that you can see or touch
income: money received on a regular basis from work,
property, business, investment or welfare payments
interest: the extra money you have to pay back when
borrowing money
labour force: people aged 15 and over who are either
employed or unemployed
mail order: a system of shopping in which the
consumer orders and usually receives products
through the mail
manufacturer: a person or business that makes goods
merchantable quality: an acceptable quality in keeping
with a products price
money: any token, with an agreed value, that people
accept as payment in exchange for a good or service
needs: things that are necessary for survival, such as
water and food
offer: a proposal
payee: the person who is to receive the money from a
cheque
price: the amount of money a consumer is prepared to
offer in exchange for a good or service
profit: what remains after all business expenses are
deducted from the sales revenue
redress: to set right
retailer: a person or business that sells products directly
to the consumer
rip off: to overcharge or swindle
scam: an illegal business practice
services: things done for you by others
unconscionable act: any practice by a seller that is just
not reasonable and often illegal
wants: things that are not essential for survival but that
we would like to have
wholesaler: buys goods in large quantities from the
manufacturer

Consumer choice
Chapters begin
with an
introduction
and a focus
statement to set
the context.

Commerce is not a totally new subject to you.

In one sense, you have been practising Commerce
ever since you made your first purchase many years
ago. That simple transaction an ice-cream or a
comic book launched you on lifes journey as a
consumer and as an important part of the
commercial world. Undertaking this Commerce
course will give you a better understanding of how
to make wise commercial decisions.

focus
On completion of this chapter, you will have learnt how to identify, research
and evaluate options when making decisions related to solving the problems
and issues that confront consumers.

The relevant
syllabus outcomes
are listed.

outcomes
A student can:
5.1 Apply consumer, financial, business, legal and employment concepts and
terminology in a variety of contexts
5.2 Analyse the rights and responsibilities of individuals in a range of
consumer, financial, business, legal and employment contexts
5.3 Examine the role of law in society
5.4 Analyse key factors affecting commercial and legal decisions
5.5 Evaluate options for solving commercial and legal problems and issues
5.6 Monitor and modify the implementation of plans designed to solve
commercial and legal problems and issues
5.7 Research and assess commercial and legal information using a variety of
sources
5.8 Explain commercial and legal information using a variety of forms
5.9 Work independently and collaboratively to meet individual and collective
goals within specified timelines.

Content is presented in two-page

and four-page spreads for ease of
study and teaching.

Key words in bold are defined in the chapter glossary.

When using the book on CD-ROM: The glossary definitions
appear when students click on the bold term.

3.1
Text
communicates
in a direct and
studentfriendly style.

Reasons for laws

You have to obey rules at school or on the sporting
field. Society also has a set of rules called laws,
which everyone in the community is expected to obey.
For example, motorists have to obey traffic laws.
There are also laws to stop people under a certain age
from entering premises where alcohol is served. The
difference between a rule and a law is that the police
and the courts can enforce laws. Laws, therefore, are
legal rules. This means that a person can be taken to
court and penalised if he or she breaks the laws.

The law-breakers

Headings closely
follow the
syllabus points.

We cant cross now, said Jamahl. The Dont Walk

sign is showing.
Its okay, just hurry, yelled Ben. There are no
cars coming.
When they reached the other side of the busy
intersection, a police officer approached them. Do
you realise that it is illegal to disobey a Dont Walk
sign? If I see you breaking the law again, I will have
to fine you.
Jamahl and Ben were apologetic. Everyone does
it so we thought it would be okay, said Ben. We
wont do it again.
Thats good, said the police officer. The law is
there to protect you as well as drivers.
As they walked away, Ben and
Jamahl both realised they knew very
little about the law. They wanted to
know more.

chaos would occur. In extreme cases of conflict, a

state of anarchy would develop. The person with the
most strength would start to dominate, and the weak
and helpless would suffer. However, when people
obey the law, a sense of order is created, resulting in
a society where people can live peacefully.
The law therefore has three main roles:
1. Protection from the actions of others as well
as our own behaviour. It does this by telling
society what people cannot do. For example, we
cannot commit assault, murder or robbery. We
cannot drive while drunk or ride a bike without
a helmet. In this role, the law restricts our
individual freedom but provides safety for all
individuals in society.
2. Freedom to do many things by telling society
what people can do. For example, the law allows
us to own and operate a business, drive a car,
get married or divorced, or leave
school.

3. Resolving disputes in order to stop people

taking the law into their own hands. The legal
system provides a police force (or service), court
system and correctional centres (jails and
juvenile detention centres) to enforce and
administer the law.
If society has too many laws, peoples freedoms are
severely restricted. However, a society that does not
have enough laws turns to chaos, and people become
very unhappy. So it is important for society to achieve
a balance between too many and too few laws.

UNDERSTAND
1 What are laws?
2 How are laws of the land different from school or

sport rules?
3 What is meant by the term anarchy?
4 Why does society need laws?
5 Imagine you have been elected ruler of

Australia. What laws would you introduce to

make sure people lived in harmony?
Explain why you would choose these
particular laws.
6 Provide three examples of things the
law says you:
(a) cannot do
(b) can do.
7 Write a short story or create a
cartoon about a city that has no
traffic laws.
COMMUNICATE
8 Obtain a copy of your school rules. In

groups of three or four, answer the

following questions:
(a) Do you think your school rules are
laws? Why?
(b) Who makes these rules?
(c) What might happen if these school rules did
not exist?
(d) What happens if someone breaks the rules?
(e) Are there too many or too few rules? Why?
(f) What rules would you like to get rid of?
Why?
(g) What rules should be introduced? Why?
9 Are there situations in which breaking a law could
be acceptable? For example, what do you think
about a group of environmental activists who break
the law when protesting against tree clearing?
With this in mind, debate the following topic:
That it is acceptable to break the law sometimes.

The police force, like the courts

and correctional centres, is
part of our legal system.
Without laws, society
would be in a state
of anarchy.

Why do we need laws?

Imagine what could happen if there
were no laws and people could do
whatever they liked. Confusion and

E-LEARNING
10 Use the Internet to find out the age at which a

person in Australia can legally:

(a) drive a car on a public road
(b) drink in licensed premises
(c) get married
(d) buy cigarettes
(e) sign a contract.
You will find the information you need by going to
www.jaconline.com.au/commerce, choosing
weblinks and clicking on the LawAccess link for
this textbook.

Stimulating,
full-colour
photographs,
diagrams and
artwork are used
throughout.

WORKSHEETS

3.1

71

70

New Concepts in Commerce

Law and society

viii

The shopstealing story

The glossary
defines key
words for the
chapter.

A wide range of
graded activities
are provided,
including support
for ICT. When
using the book
on CD-ROM:
Click on the
heading to open
the Activities as an
electronic file,
complete the
answers on
computer and print
them out.

E-learning
questions include
links to many
websites, which are
kept up to date at
www.jaconline.com.
au/commerce.

relevant worksheets
that supplement
and extend the
activities.

with
Investments should be chosen
care

for one person might

An investment that is suitable
else. People with
not be appropriate for someone
money to invest differ in:
age
income
financial responsibilities
for investment.
the amount they have available
into account
These are all factors to be taken
when selecting an investment.
for long-term
Some investments are suitable
require a large
goals but not for short ones. Some
Others provide an
outlay of money all at one time.
With some
opportunity for the small investor.
money back almost
investments, you can get your
you might have to
anytime you want it. With others
you have invested.
money
the
of
part
lose
or
wait
invest, the less risk
The less money a person has to
That is why many
she or he can afford to take.
nt option that
first-time investors select an investme

money. Someone
offers the greatest safety for their
investments may
who already has one or more safe
the hope of making
be willing to risk some money in
then they
failure
a
proves
nt
investme
the
a gain. If
on.
still have some others to fall back
nt is a wise or
Ultimately, whether an investme
of the
ances
circumst
the
on
unwise choice depends
investor.

READING THE SYDNEY MORNIN

Read a stockmarket report

Company
The companys name,
abbreviated by ASX,
which supplies the stock
price information.
Different classes of the
companys securities are
given separate lines

Look at the following stockmarket

report from the newspaper. Use
the key to read the information.

Company
XXXXXXXX

+ or
The change
in price from
the previous
days close

8.92

Amcor

No.

or

100s

sold

21 29832

Div
yld
%

Closing
quotes
Sell

Buy

8.92

No.
sold
100s

Closing
quotes
Sell
Buy

Div
yield
%

P/E
ratio

1425

.64

.65

8.59

13.3

No. sold 100s

The volume of
shares traded on
the market
during the course
of the day

52 week
Low

P/E

High

ratio

8.93

3.36

24.1

9.16

7.68

19.2

8.08

4.65

17.4

6.25

4.90

Billabong

7.30

5 13037

7.29

7.30

3.22

5.66

17930

5.66

5.68

3.62

CCAmatil

1206

1.05

1.06

2.05

.69

1.05

Daily Planet

9.91

9.92

4.44

19.2

11.02

8.52

Leighton

9.29

+7

5141

P/E ratio
The priceearnings ratio
of a stock is calculated
daily by dividing the
share price by the
companys earning per
share, including
abnormals

or

TO CLOSE

Last
sale

Closing quotes
Buy and Sell
The highest bid to
buy and the lowest
offer to sell a stock
recorded at the
close of days
trading

.64

AL SHARES5, 2004.
INDUSTRI
OF BUSINESS FRIDAY, SEPT
Company

G HERALD SHARE TABLES

Last
Sale

Last sale
Refers to the
price at which
the stock was
last traded

Stockmarket report

Com Facts contain

interesting commerce
facts and explanations.

investment needs.
Different people have different

Div yield %
The return on investment.
This is calculated daily by
dividing the annual
dividend per share of a
company by its share price

52 week
High Low
.68

.48

52 week
High and Low
This represents the
highest and lowest sales
recorded during the past
52 weeks of trading

at left and answer

Analyse the stockmarket figures
the following questions:
g best (according
1 Which company(s) is performin
to these figures) on the basis of:
(a) price movement?
(b) dividend yield?
(c) 52 week high and low?
turnover?
2 Which shares had the highest
two companies in
3 Given these figures, nominate
State your
which you would purchase shares.
different if you
be
decision
your
Would
reasons.
against money
as
money
spare
were investing
t
investmen
an
from
n
withdraw
that you had
account for an overseas trip? Why?

When using
the book on
CD-ROM:
Click on the
icons to reveal
additional
technology
learning tools,
such as
spreadsheets
and interactive
challenges.

They do not
regularly chec
k the retu
investments and
consequently miss rn on their
performing inve
out on better
stment options.
They do not
keep
Why do some
making it diffi up-to-date or adequate records,
cult to determin
investments
their investme
e
the
fail
Some investor
return on
?
nts.
s fail to obtain
A prospective
the
their money for
investor shou
the following reas best return on
following before
ld consider
They may not
ons:
the
deciding on a spec
know which type

How
ific
inve
safe is the inve
will provide the
stment.
s of investment
stment?
highest return.
What is the
They may be
rate of return?
inexperienced
For how long
and fail to carr
sufficient rese
are the funds
y out
arch into the
to

be
If
invested?
interest rates
range of investme
options.
seem likely to
nt
wiser to invest
rise, would it
They may be
be
for a short peri
poorly advised,
What is the
od?
advice comes
especially if the
possibili
from a friend
before it falls due? ty of selling the investme
who is a novi
regard to inve
nt
ce in
sting.
Is there a guar
Economic cond
anteed income?
itions may chan
Is the return
some investme
ge, resulting
satis
nts becoming
In all investme factory compared with the risk
more attractive in
others less so.
nt matters you
?
and
For example,
some basic inve
should underta
interest rates
rise, making
stigation and,
may
savi
if in doubt, seek ke
advice of a prof
whereas dividendsngs accounts more attractive
essio
the
nal investment
,
from company
adviser.
shares may fall.
Words of wisd
om from a wise
investor: Never
shares with mon
buy
ey you cant affor
d to lose.

Think big and

start small

By Annette Sam
pson

Stockmarket figures

63

Personal finance

Skillboosters
reinforce important
commerce skills.

Articles and case

studies illustrate
concepts with
relevant and
contemporary
examples.

Check & challenge sections

at the end of each core topic
chapter contain revision and
extension activities.

ing Herald, 4 Febru

ary 2004

64

New Concepts
in Commerce

Check & challenge

Commerce and choice
selecting the correct word from the list below.
(a) A
is someone who purchases
goods and services to satisfy needs and
wants.
(b) Something that is necessary for survival is
called a
.
(c)
are not essential for survival but are the things we would like to
have.
(d) Items that you can see or touch are called
.
(e)
cannot be touched but are
provided for you by other people.
(f) A financial plan is called a
.
(g) The
is made up of people
aged 15 and over who are either employed
or unemployed.
(h)
means that something
is of an acceptable
quality in keeping with
its price.
budget
consumer
labour force
wants
services
need
goods
merchantable quality

5 What are the main elements of a simple contract?

6 Study the illustration below carefully. Explain

how each practice helps a person to become a

wise consumer.
7 Outline the role of the Consumer, Trader and

Tenancy Tribunal.

Payment choices
8 Explain the difference between a credit card

and direct debit.

9 Why should a consumer set a maximum

amount if they intend to use book up as a

method of payment?
10 What are the advantages of keeping an up-to-

date record of your purchases and payments?

Practices of a wise consumer
Knows their
basic consumer
rights

Avoids impulse
buying

Knows about the

Office of Fair
Trading

Prepares a
shopping
list

Compares
size,
quality and
price

Prepares
and sticks
to a budget

2 Outline the advantages of

Uses credit
cards wisely

Undertakes
research
before
deciding to
purchase
Keeps
all
receipts

Understands the meaning

of caveat emptor

16 List and explain some techniques retailers use

to tempt us into impulse buying. The first one

has already been completed for you.

(a) people in the 1890s and people today

(b) a teenager living in Goulburn and an elderly
person living in Sydney
(c) a middle-aged executive earning $300 000 a
year and a young sales assistant earning
$23 000 a year.
12 Research the changes that have occurred in the
way we shop. Present your information by
completing the following timeline.

Techniques used by retailers to encourage impulse buying

Technique
1. Sale prices

Explanation
You think you are getting a
good bargain

17 Library research. Explain why it is important

to know who has ownership of goods when they

are being bought on credit. You may need to
refer to some legal studies books and websites.
18 Write a report explaining why you should plan
your finances very carefully before entering
into any type of credit contract. Cover the
5th15th century
21st century
following areas:
(a) what is credit?
13 Explain how specialty stores are able to exist in
(b) different types of credit
competition with large department and discount
(c) interest rates
stores.
(d) repayments
14 Collect three examples of persuasive advertise(e) budgeting so as to avoid the problem of too
ments and paste them in your notebook. Under
much debt.
each one, explain how the advertisement might
19 What is a warranty? Explain how a warranty
influence the consumer to buy the product.
provides some protection for a consumer.
15
20 Prepare a database of the local
people and organisations that
can provide you with advice
about consumer protection.
21 Answer the following questions:
g
first obstacle: a shoppin
your
ter
(a) What does the term
encoun
you
arket
you set off cautiously,
As you enter the superm
plastic money mean?
own. After taming the beast,the retailer has cleverly
trolley with a mind of its
where
ent
enticem
of
(b) What are some advangame
a
,
for you have entered into
Traps such as music, lighting
er.
consum
ecting
tages and disadvantages
and, worst
set traps to ensnare the unsusp
ching display techniques
eye-cat
bakery,
the
of using debit cards?
pleasant aromas from
to new aisles, pepper your
of the store to divert you
(c) Why is a debit card better
of all, the rearrangement
the end of each aisle and
the tempting specials at
ut. Which
than a cheque for both the
journey. After dodging
make your way to the checko
you
trolley,
mind,
wing
pace. Never
consumer and business?
juggling an overflo
aisle moves at a snails
s
expres
trap.
The
in?
up
another
wait
aisle to line
(d) Will cashless shopping
e) a magazine while you
just pick up (and later purchas goods scanned and
create any difficulties for
and
d,
unloade
trolley
With the
society? Explain
leap of faith and hope the
a
take
now
you
,
bagged
your answer.
e. Leaving, you push
EFTPOS transaction is accuratonce you remember
22 In small groups,
car,
your
to
trolley
errant
the
construct a flow diabreathe a sigh of relief.
where you parked it. You
ient?
gram to indicate the
How can this be called conven
e with the sentiments
steps involved in
(a) Do you agree or disagre Give reasons for
using an ATM.
expressed by the writer?
23 Who has more probyour answer.
ion?
on fact or impress
lems as a consumer:
(b) Is this article based
How can you tell?
a person who has a
on the changes that
(c) Investigate and report
very large income or
arket shopping
have occurred in superm
these
one
who has a small
have
Why
over the last 50 years.
income? Explain your
has benefited,
changes occurred and who
?
answer.
the consumer or the retailer
Middle Ages

Consumer decisions
comparison shopping.
3 Draw a diagram to show
the distribution process
from the manufacturer to
the consumer.
4 Outline the situations
where:
(a) mail order
(b) Internet shopping
is the most appropriate
way to purchase goods.

Consumers
11 Explain why needs and wants vary between:

The need for consumer protection

1 Complete the statements in your notebook by

Demian Thornhill
had a head start
in the investing game
father in the finan
ce industry. But
a
the work that has
building a sizeable
gone into
investment portf
olio has been all
Encouraged by
his own.
his
during his childhood father to invest in managed
funds
, Thornhill took
ment steps when
his first serious
investhe was still at
university and work
part-time job.
Thornhill says he
ing a
found the most
I took out a small
important things
getting started were
about
invested it in a mana personal loan about $5000
starting small
and amounts youre
You need to inves
ged fund, he says.
comfortable with
a small loan, the
t
Because it was
and not go hell-f
repayments were
and lose everything
only
or-leather
quite
and investing
any dividends I
received went back easy to manage, and than chasing the
in quality shares,
latest hot story. One
rather
Over that perio
into the loan as
d, the dividends
well.
stuck
thing
with
my
dad
me
is that people will
said that
were
interest payments,
always eat, buy cloth
so in a sense I was almost equal to the cars and so on.
es, drive
So Ive invested
most of my extra
ahead of the game
in those sorts of
repayments went
Thornhill says the
companies.
to reducing the loan. , as
At the start of each
hardest thing was
inal $5000. As
month, I would pay
borrowing the origamount and Id
he had no existi
the minimum loan
try to put a bit
ng loans, he had
rating and lenders
extra aside as well,
no credit
some months, if
viewed a loan to
though risky propo
I was going out
buy
share
s
as
a
sition. However,
somewhat
a bit more, I woul
manage that.
Thornhill says
dnt comfortable
he was quite
with the
Thornhill used his
initial loan as a
out of the sharemark debt. I had faith I could make
about markets as
start in learning
money
et over the longe
inves
more loan was relati
r term, and becau
diversified into buyin ting. As he grew more confident,
vely small, I knew
se the
it wouldnt be disas
g direct shares. When
he
Neve
rthele
and got a full-t
ss, he admits to
trous.
he left university
ime
the fear of losin
has worked
g money he
facility to fund furth job, he took out a larger marg
in loan investmen for and does everything he can
er investments.
to
ts
are solid.
ensure his
Because my share
s have increased
For
other
to worry about
in
would-be investors,
value, I dont
things like marg
his advice
in calls. Proportiona have now and start off with
can afford to take
small amounts. You is simple: Start
tely, I money
a bit more risk now,
dont need lots of
to play with, but
he says.
the sooner you get
started the better.
Source: Sydney Morn

Hypermarket

at your
Supermarket shopping
convenience

34

35

New Concepts in Commerce

Consumer choice

ix

Include a wide
range of ICT,
literacy and
research ideas.

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Acknowledgements
The authors would like to thank the many people whose support, assistance and encouragement have made this book possible. Special thanks to Jack and Lorna; Shelsie, Max and
Wendy; Annette, Peter and Christine; Natalie Devenish, Kim
Jackson and David Broadbridge for their constructive advice
and superb feedback; the world-class production team at John
Wiley and Sons Australia, Ltd; Victoria Steele, project editor, for
her attention to detail; Carol Grabham, developmental editor,
for her guidance, creative ideas and technical expertise; and
Sharon Ottery, publishing editor, for her patience, dedication,
professionalism and excellent project coordination.
The author and publisher would like to thank the following
individuals and organisations for permission to reproduce photographs, cartoons, advertisements and copyright material:
Front and back cover: Australian Picture Library/Corbis/
Images.com.
Other design images: PhotoDisc, Inc.
Images
Alan Moir, page 283/A. Moir, Sydney Morning Herald
Amazon.com, page 187/ 2002 Amazon.com, Inc. All Rights
Reserved Amnesty International, page 287/ Courtesy of
Amnesty International Ateco Automotive Australia Pty, page
215 (bottom right)/ Ateco Automotive Australia Pty Attorney
Generals Dept. NSW, page 96 (bottom left and top right Copyright State of New South Wales 2001. The Lawlink NSW
homepage and the logo of LawAccess NSW are protected by
copyright which is vested in the State of New South Wales. All
rights reserved. You may not alter, reproduce, re-transmit, distribute, display or commercialise the material in any way
without the prior written permission of the State of New South
Wales, except as permitted under the Copyright Act 1968 (as
amended) Auspic, page 85/Auspic Australian Chamber of
Commerce, page 123 (centre left)/Australian Chamber of
Commerce and Industry Australian Conservation Foundation,
page 155 (top left), page 287 (bottom)/Australian Conservation
Foundation Australian Democrats, page 231 (centre)/
Australian Democrats Australian Greens, page 231 (bottom
left)/The Australian Greens (Victoria) Australian Labor Party,
page 230 (bottom right)/Australian Labor Party, Canberra
Australian Retailers Assoc., page 123 (centre right)/Australian Retailers Association AusAID, page 198 (right), page
199/Australian Agency for International Development AAP
Image, page 33 (right)/AAP Image/Laura Friezer; pages 7071/
AAP Image/DIG/Dean Lewins; page 82 (right)/AAP Image/NSW
Courts; page 153 (bottom)/AAP Image/Lisa Davies; page 162
(right)/AP via AAP/ John Petrovic; page 163/AP via AAP/Czarek
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219/AAP Image/Alan Porritt; page 230 (top right)/AAP Image/
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(bottom right)/Australian Picture Library/Corbis/Collart Herve;
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Silva; page 291 (top left)/Australian Picture Library/Corbis/
Lynsey Addario; page 292/Australian Picture Library/Corbis;
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with permission of Australian Securities & Investments

xi

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This material should not be reproduced, stored in a retrieval
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without the prior written permission of ASX Bankcard, page
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International Ltd 2003 Annual Report and the Billabong
International Ltd corporate website Business Entry Point,
page 310 (left)/Business Entry Point, Department of Industry,
Tourism and Resources BPay, page 28 (right)/BPay Care
Australia, page 198 (left)/ CARE 2003/Mathias Heng
Commonwealth Bank, page 33 (left), page 190 (top left)/
Commonwealth Bank Commonwealth Copyright Admin,
page 172/www.consumerping.gov.au. Copyright Commonwealth
of Australia, page 228 (left)/ Australian Electoral Commission.
Copyright Commonwealth of Australia; page 228 (right)/
Australian Electoral Commission. Copyright Commonwealth
of Australia; page 249/Department of Communications, Information Technology and the Arts. Commonwealth Copyright
Administration. Consumers International, page 176 (bottom)/
Consumers International Coo-ee Historical Picture Library,
page 91 (right), page 95 (bottom left) Coo-ee Picture Library,
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Copyright 2002 Image Addict Image Disk Photography, page
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xii

library.com/Age/Nick Vedros photolibrary.com Royalty Free,

page 5 (sandwich); page 102 (top right)/ photolibrary.com
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Reserve Bank of Australia, page 280/ABS and Reserve Bank
of
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at
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sp dg 100403.html; page 282 (right)/Reuters and Reserve
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