YEAR 11 BUSINESS

STUDIES

Ms Papadopoulos
 CLASSROOM
EXPECTATIONS
Classroom Rules
1. Come to class prepared- bring

equipment, mobiles away.

2. Respect your peers, teachers and

classroom
3. One person speaks at a time. Put
your hands up when you want to speak
4. Complete class work and homework
5. Meet assessment deadlines. Teacher
feedback submit work 1 week in
advance for teacher feedback.
PRELIMINARY BUSINESS
STUDIES
PROGRAM FOR 2019 YEAR 11 BUISNESS
STUDIES:
TERM 1- NATURE OF BUSINESS (Week 1-6)
Week 7-10- BUSINESS MANAGEMENT
TERM 2- (continuing Week 1-8) BUSINESS
MANAGEMENT
Week 9-10- BUSINESS PLANNING
TERM 3 (Week 1-10)- Continuing BUSINESS
PLANNING
TERM 4- HSC course- OPERATIONS
 NATURE OF BUSINESS
OUTCOMES:
Students should be able to:
Discuss the nature of business, its role in
society and the types of business structures
Explain the internal and external influences on
businesses
Analyse the responsibilities of business to
internal and external stakeholders
Plan and conduct investigations into
contemporary business issues
Evaluate information for actual and
hypothetical and business situations
 Role of
Business

NATURE OF
BUSINESS Types
Business of
Growth and Busine
decline ss

Influences in the business

environment
OUR LEARNING OUTCOMES FOR
THIS LESSON WILL BE:
To recognize the concept
of organization and
business
Understand the reason
and purpose of forming a
business organization
 WHY STUDY BUSINESS?
To thoroughly understand the business language
To gain/extend knowledge on business which can help
us do better as a:
1) Consumer
2) Employee
3) Business Owner/Manager
4) Investor
It inspires future business entrepreneurs to develop
new products that may improve our standard of living
It is challenging and requires various skills and
imagination
 BRAINSTORM ACTIVITY
Write down words or phrases that are associated with the
concept of “Business” in your workbook

BUSINESS
 Have you have started your
own business without realizing?

Mowing the lawn for your neighbour

Washing windows or cars

Setting up a stall at a local community market

Tutoring

Baby sitting

Makeup artistry at home

ALL OF THESE EXAMPLES THAT YOU MAY HAVE TRIED BEFORE ARE
PERFECT DEMONSTRATIONS OF HOW YOUR BUSINESS MIND WORKS. AS
YOU GROW AND GAIN MORE UNDERSTANDING OF YOUR SKILLS, THE
WORLD AND OUR ECONOMY, YOU WILL BE ABLE TO EXPAND EVEN
FURTHER TOWARDS SUCCESS.
 DEFINITION:
BUSINESS

Business is a platform where individual or

organisations try to earn a profit by providing
products or services that satisfy the
customer’s needs.
The organised effort of individuals to produce
and sell, for a profit, the products (goods and
services) that satisfy individuals’ needs and
wants.
An organisation or economic system where
goods and services are exchanged for one
another or for money.
1.1 THE ROLE OF
BUSINESS
 IMPORTANCE OF
BUSINESS TO YOU
Successful Informed
business consumer
owner You will be
The technical able to make
skills and better
knowledge Business Studies informed
required to own will help you decisions and
and operate a perform these use your
successful roles more money wisely.
business can be effectively You will
gained through consistently
learning
Productiveabout
employee purchase from
the business
Employees today require different
people to have a number of Informed
businesses
skills. These include technical Investor
skills, and the ability to You may want to
cooperate with people to have invest some
a working knowledge of money and
business operations become a
shareholder in a
 The Roles and Importance of
Business 2. Innovation
8. Choice Entrepreneurship
1.
Business provides
Through Business provides the inventive and the
competition opportunity for resources needed
and trade, individuals with ideas to maintain
consumers to develop them and programs
have access gain rewards. 3.
to a wide Employment
range of Business
goods and provides 80%
services
7. Quality of life The roles and of
Business enables the importance of opportunities
production of an Business of
enormous range of 4.employment
Provider of
goods and services goods and services
that improve our in Australia
Business combine
standard of living labour and other
6. Wealth creation resources, product
Business provides an 5. Source of government goods and services
avenue for investment revenue beyond the ability of
and the potential to Business provides most individuals to
product
make a profit government with revenue
from taxation
 PROFIT
A financial gain, especially the difference between the
amount earned and the amount spent in buying, operating,
or producing something.

Terms:
Revenue- is the money a business receives as payment for its
products
Operating expenses- are all of the costs of running the business
except of costs of goods sold
Profit- is what remains after all business expenses have been
deducted from sales revenue
Positive profit- when the sales revenue is higher than the
business’s expenses
Negative profit- when the business’s expenses are greater than its
sales revenue
 EMPLOYMENT
-An act or instance of employing someone or
something.
-Employment is an agreement between an employer and
an employee that the employee will provide certain
services on the job.
- The SME sector is a major source of employment in
Australia, accounting for about 50 percent of all private
(non-government) sector employment.
Money received,
especially on a regular
INCOMES
basis, for work or through
investments.

Income may not always

be in the form of money –
in some situations goods
and services may be
treated as income.

Terms: Businesses
generate income for: Shareholders-Are people who are
Wages- Money received by part of a company because they
workers usually on a weekly own a number of shares (a part
basis, for services they provide ownership of the company)
to an employer Dividend- is a part of a business’s
Salary- is a fixed amount of profit that is divided among
money paid on a regular basis, shareholders
usually fortnightly or monthly, Profit- what remains after all
to a permanent employee of a business expenses have been
 CHOICE
Customers have a huge range of options,
and this can impact on the way businesses
attract and grow their customer base, build
high value and loyal customers and affect
the way people make purchasing
decisions. ... It's important businesses
respond to individual preference by
providing customers with choice.”
 Innovation
Innovation generally refers to changing processes or creating
more effective processes, products and ideas.

To be called an innovation, an idea must be replicable at an

economical cost and must satisfy a specific need. Innovation
involves deliberate application of information, imagination
and initiative in deriving greater or different values from
resources, and includes all processes by which new ideas are
generated and converted into useful products.
TERMS:
Research and Development (R&D)- is a set of activities
undertaken to improve existing products, create new
products and improve production.
 Entrepreneurship
Entrepreneurship is the act of
creating a business or
businesses while building and
scaling it to generate a profit.
The more modern entrepreneurship
definition is also about transforming
the world by solving big problems.
Like initiating social change, creating
an innovative product or presenting
a new life-changing solution.
The entrepreneur meaning
involves much more than being a
business or job creator.
Entrepreneurs are some of the
world’s most powerful transformers.
From Elon Musk sending people to
Mars to Bill Gates and Steve Jobs
making computers part of every
household, entrepreneurs imagine
the world differently.
 Entrepreneurship and
Risk
Risk-taking is almost synonymous with
entrepreneurship. To start and support your
own business, you’ll have to put your career,
personal finances and even your mental health
at stake.
Further risks associated with being an
entrepreneur include building a brand with no
established credibility, failing to innovate or keep
up with the needs of your target market,
misguided marketing strategies, bad hiring
decisions and the pressure to maintain a steady
flow of customers.
 Rags to Riches stories
1. John Paul Jones DeJoria is an American entrepreneur, a self-
made billionaire and philanthropist best known as a co-founder of
the Paul Mitchell line of hair products and The Patrón Spirits
Company. Born: 13 April 1944 (age 75 years), United States
Net worth: 3.1 billion USD (2020)

2. Jack Ma, or Ma Yun, is a Chinese business magnate, investor,

politician, and philanthropist. He is the co-founder and former
executive chairman of Alibaba Group, a multinational technology
conglomerate.
3. Oprah Winfrey ended the iconic Oprah Winfrey Show in 2011,
her empire marches on, leading to her reported $2.8 billion
4. Chris Gardner rose up the stockbroker ranks and eventually
founded his own firm in 1987. While successful, not all of his
wealth has come from Gardner Rich & Co. He has also published
two successful books, including the Pursuit of Happyness. As a
result of his success, Gardner is now worth approximately $60
million
 https://www.youtube.com/watch?v=peqe4QMxWLU (16 min.)

5. Howard D. Schultz is an American businessman

and billionaire. He was chairman and chief executive
officer of Starbucks, from 1986 to 2000, and, again,
from 2008 to 2017, then its executive chairman, from
2017 to 2018. Born: 19 July 1953 (age 66 years),
Brooklyn, New York, United StatesNet worth: 4.4 billion USD (2020)

6. Sam and Bud Walton (Sam) had a net worth of

$8.6 billion at the time of his death in 1992. As of Sept.
20, 2019, Walmart had a market cap of $333.5 billion.
7. McGregor got a base salary of $3 million for the his
UFC 229 bout, but a record 2.4 million PPV buys helped
push his total fight pay over $30 million. McGregor
founded Irish whiskey distiller Proper No. Twelve, which
launched last year and has since sold more than
200,000 cases
 WEALTH CREATION
The more that is produced, the more is generated within the Australian
economy.

Wealth is the money business receives from its customers in exchange for
products

Wealth is distributed by a business to:

Governments- taxes, payroll tax, goods and services tax

Business owners/shareholders- dividends

The business itself- retained profits

Lenders- loan repayments

Employees- salaries, wages and other employment benefits

 QUALITY OF LIFE
Quality of life refers to the overall wellbeing of an
individual and is a combination of both material and
non-material benefits.
For example, our quality of life is improved by
wanting to lose weight, so there are gym facilities
that allow you to improve your lifestyle.
 What is the importance of
“Business” to the Australian
Economy?

Exports products, which generates income for Australians and

helps reduce our trade deficit (an economic measure of
international trade in which a country’s imports exceeds its
exports).
Assists in the development and use of new technology
Provides employment and income for employees
Pays taxes to governments (company tax and payroll tax)
Undertakes investment, which leads to economic growth
Produces a wide range of products giving consumers greater
choice
Improves our quality of life
Provides a training ground for future business people
(entrepreneurs)
Creates value, which encourages economic growth
Encourages competitions which results in cheaper products
Provides income for business owners
Encourages research and development into new products
 SUMMARY
Businesses play a crucial role in our society, largely
determining our standard of living
Small to medium enterprises (SMEs) make up over 98%
of all businesses in Australia
The one common feature shared by both the largest
and the smallest business is that they product a
PRODUCT- goods or service- which is sold in a market
where buyers and sellers meet
Businesses have an enormous impact on our lives
every day
Businesses play a crucial role in our economy
 1.2 The Nature of a
Business
There is one thing people have in
common… they all have NEEDS and
WANTS.
To satisfy these never ending NEEDS
and WANTS is the role of the business
WHAT IS A PRODUCT
A product is a GOOD or SERVICE that can be
bought or sold.

WHAT ARE GOODS?

Goods are items that can be seen or touched
(Tangible)

WHAT ARE SERVICES?

Are things done for you by others.
 PRODUCTION- PRODUCING
GOODS AND SERVICES
When we go shopping, we are
choosing from a range of “finished
products”.

Finished products is a product that

is ready for customers to buy and use.

So how do all the operations that

have occurred transform raw
materials into finished products?

Production- refers to those activities

undertaken by the business that
combine the resources to create
products that satisfy customers’
needs and wants.
 WHAT IT TAKES TO PRODUCT A
PRODUCT AND/OR SERVICE
Management- coordinating the businesses' limited resources to achieve specific
goals e.g. the new coffee machine that makes coffee faster and saves on labour

Organizing natural, capital and human resources e.g., drawing up employees

who work in a café and separating them into allocated sections (specialization)

Distributing goods and services- employing delivery business to transport your

products as at cost

Planning finances- production and business needs (e.g., requesting for

permission from the council to have tables on footpath or managing your costs for
expenses and product materials.

Forecasting sales, expenses and profit- predicting what you might make
against what you make and see if you're making more or less and why to improve

Controlling production- Quantity and quality- not producing too much or too
less. Getting feedback from consumers to improve quality of product or service.

Marketing products- promoting your products through difference sources such

as, television ads, billboards, posters, social media, word of mouth, flyers etc.

Production- creating products- the process of doing so would require machinery,

employees & technology.
TYPES OF BUSINESSES
All businesses are classified according to its:
Micro
Size Small
Medium
Large

Location Local
National
Global
Primary
Industry type Secondary
Tertiary:
Quaternary
Sole Trader
Quinary
Partnership
Legal Structure Private Company
Public Company
Government
enterprise
TYPES OF BUSINESSES
SIZE
SMEs- Small to medium enterprises
MICRO- Employs fewer than five people (including the owner)
Small- Less than 20 employees
Medium- 20-199 employees
Large- 200 or more employees
TYPES OF BUSINESSES
SIZE
 TYPES OF BUSINESSES
LOCATIO
Ngeographical spread; it serves the surrounding area.
Local- has a very restricted

National- is one that operated within just ONE country.

Global- commonly referred to as a transnational corporation (TNC), is a large

business with a home base in one country that operates partially owned or wholly
owned businesses in other countries.

Activity

1. List 3 examples of each:

Local

National

Global
TYPES OF BUSINESSES
INDUSTRY
TYPE
Primary industry- includes those businesses in which production is
directed associated with natural resources. E.g. farming, mining, fishing,
grazing.

Secondary industry- Involves taking a raw material and making it into a

finished or semi-finished product. For example, iron, ore, coal and
limestone are turned into steel- a semi finished product that is later used
to manufacture cars.

Tertiary industry- involves performing a service for other people

Quaternary- includes services that involve the transfer and processing of

information and knowledge. E.g. telecommunications, property, computing,
finance and education.

Quinary- Includes all services that have traditionally been performed at

home. E.g. cooking, tourism, childcare, cleaning services, massage, nail
beautician, hairdresser.
TYPES OF BUSINESSES
LEGAL
Sole trader- is aSTRUCTURE
business that is owned and operated by only
ONE person.

Partnerships- is a legal business structure that is owned and

operated by between two or 20 people within the aim of making
profit.

Private Company- is an incorporated business and usually has

between two and 50 private shareholders

Public Company- are listed on the Australian Securities

Exchange and are companies whose shares are traded freely on
a stock exchange.

Government enterprise- are government owned and operated

businesses.
REASONS WHY BUSINESSES
CHOOSE TO EXPAND
Increase in sales- to satisfy consumer
demands
Desire to increase profits
Increase in market share- increased
competition
Global consumers- international
consumers are interested in the
product or service.
 TERMS YOU NEED TO BE
FAMILIAR WITH
Incorporated- refers to the process companies go
through to become a separate legal entity from the
owner/s.
Unincorporated businesses- solder traders and
partnerships
Incorporated- privately and publically owned companies
Unlimited liability- occurs when the business owner is
personally responsible for all the debts of his or her
business. this responsibility may include selling personal
assets such as your motorcycle or car just to pay off the
liabilities of the business.
E-commerce- is the buying and selling of information and
products via the internet.
 IT IS IMPORTANT TO KNOW THE
ADVANTAGES AND DISADVANTAGES
OF EACH LEGAL STRUCTURE
Sole Trader
PARTNERSHIP
CHECK WORKSHEETS
 LIMITED LIABILITY

Is a feature of corporate ownership that

limits each owner’s financial liability to the
amount of money he or she has paid for the
business's shares.
So basically, the most amount a shareholder
can lose is the amount they paid for their
shares.
PRIVATE VS PUBLIC COMPANY
 TO BECOME INCORPORATED
YOU MUST…

Incorporation: the process that companies go through to

become incorporated i.e.. to become registered company
and a separate legal entity.
PROCESS:
The process of incorporation is governed by the
Commonwealth Corporations Act 2001 and is administered
by the Australian Securities and Interments Commission
(ASIC). For a company to be incorporated, a company name
must be registered with ASIC, who will issue a certificate of
incorporation and an Australian company number (ACN).
Once “incorporated”, the company has a separate legal
entity to its owners (shareholders).
Incorporation is beneficial for shareholders as they don’t
have the risk of limited liability if the business fails…
 INDUSTRY SECTOR
ACTIVITY
Industry- consist of businesses that are involved
in similar types of production
Firm- a commercial organisation that operates on
a for profit basis and participates in selling goods
or services to consumers.
1. Construct a mind map summarizing the five
industry sectors. Provide examples for each sector
(Primary, secondary, Tertiary, Quinary and
Quaternary).
THE ROLE OF GOVERNMENT
ENTERPRISES
To provide essential services to the community
such as, health, education, roads and welfare.
Privatization- the process of transferring ownership
of a government business to the private sector.
Franchise- means buying the rights from another
business to distribute its product under its name
Franchisor- is an individual or business that grants a
franchise
Franchisee- is an individual or business that
purchases a franchise.
 FACTORS INFLUENCING
CHOICE OF LEGAL STRUCTURE

One of the most difficult decisions a business

owner must make is what type of legal structure
(Sole trader, partnership, private company &
public company)

1. Size of the business

2. Ownership structure
3. Finance
 SIZE OF BUSINESS
As sales increase and the
business operations grow to
meet this higher level of
customer demand, the
business owner may need to
select a more appropriate
legal structure!

Micro/small business Sole

trader/partnership
Medium- Private/Partnership
Large Business Public
Company/Private/Government

If the business continues to grow, the owner should consistently review

its growth to examine whether its legal structure needs changing.
 In order for you to change your
existing legal structure e.g. from
partnership to Public

To finance a level of expansion, it will be necessary to

draw from a large pool of available finances. The
business now decide to raise this money from a share
market float.
A prospectus is issued, the business will then be listed
on the Stock Exchange and shared are offered for sale.
Float- is the raising capital in a company through the
sale of shares to the public
Prospectus- is a document giving details of a company
and inviting the public to buy shares in it.
Note: you don’t always have to start off as a sole trader, you can
start off as a public company depending on your personal
circumstances
OWNERSHIP STRUCTURE
If you wish to have complete control over the
business (operations, marketing, finance and
Human resources) sole trader will be suitable
If you want to share ownership  partnership
The degree of ownership is directly related to
the number of shares owned: the more shares,
more ownership.
If you want to retain ownership/control over the
business after you have shareholders, you must
hold more than 50% of the shares sold… if you
don’t, then you cannot retain ownership!
 OWNERSHIP STURCTURE
Shareholder: Woolworths,
Anyone who example.
invests in a
corporations that Sharehold
issues shares, ers 35%
either private or
public company 50%
Investor: Origina
Anyone who l
takes ownership Investors Busine
interest in any 15% ss
type of venture, Owner
whether it is a
corporation or
other business
structure
 FINANCE

If you want to change your legal structure,

you need to require injections of finance.
If you want to start a business and want to
choose to become a public company or a
sole trader, each legal structure requires a
certain amount of finance needed to
operate your business.
Venture Capital- is money that is invested in small and
sometimes struggling businesses that have the potential to become
very successful. Because sole traders and partnerships have
unlimited liability as a risk, they can consider their venture capital.
1.
ACTIVITY
Explain the general relationship between the size of a business and its legal structure.

2. What is the purpose of a share market float?

3. Define the word “prospectus”.

4. Outline the reasons a sole trader would be motivated to alter the legal structure to become
either a partnership or public company.

5. Assume you wish to establish a landscaping business; determine which legal structure you
would choose if you wanted to:

a) Retain complete control

b) Share ownership with no more than 20 people

c) Share ownership with no more than 50 people

6. What is the percentage of shares old that a person needs to hold in order to own and control a
company.

7. Outline how the legal structure will change as the business requires greater injections of finance.

8. What are the pros and cons of venture capital as a source of finance.
 THINK, PAIR, WRITE
AND SHARE
1. The majority of small individual shareholders have
virtually no say in the running of a public company. The
institutional shareholders have the game to themselves.
Evaluate the accuracy of this statement.

2. Construct a list of 20 businesses that opened around two

or three years ago in your local area:

a) Place a cross next to the name of each business that is no

longer in operation

b) In your opinion, propose some reasons these businesses

failed.

c) Propose the reasons for the success of the other

businesses
CONSTRUCT A PROFILE OF AN
IDEAL BUSINESS PARTNER

Name:
Age:
Gender:
Personality:
Work experience:
Skills:
Qualifications:
LEGAL STRUCTURE

Do certain legal
structures suit
certain industries?
Give examples and
justify why.
REVISION
 INFLUENCES IN THE
BUISNESS ENVIRONMENT
In our personal life, we have internal and external influences which
impact in the way our personality, values, thoughts, attitudes,
intelligence etc. develops.

In a BUSINESS context, businesses have internal and external

influences which may positively contribute to the business or
negatively affect the business. As a business manager it is
extremely important to KNOW these influences on your business
and to use strategies to control the extent to which it can impact
your business.
 BUSINESS ENVIRONMENT

The business environment refers to the surrounding conditions in which the

business operates and can be divided into two broad categories:

External

Internal

External environment- includes those factors over which the business has
LITTLE control, such as the government, technology, economic conditions
and social attitudes.

Internal Environment- Includes those factors over which the business has
some degree of control, such as products, location, resources, management
 EXTERNAL INFLUENCES
ON BUSINESS
Econo
mic Financi
al
Marke
ts
EXTERNAL
Competitiv INFLUENCES ON Geograp
e Situation BUSINESS hic

Soci
al
Leg
al
Technologi
cal Politic
al
Institutio
nal
EXTERNAL INFLUENCE

These external influences

are important to consider
because in most cases, it is
necessary for managers to
make adjustments to their
business operations due to
these external influences.
 EXTERNAL INFLUENCES
Economic Influence:
No economic systems works perfectly all the time under all conditions. The
Australian economy is no exception. The level of economic activity does
not remain at a constant level; it fluctuates over time (moves up and
down). In other words, total production, incomes, spending and
employment rise and fall.

Economic Cycle: are the periods of growth (boom) or recession (bust)

that occur as a result of fluctuations in the general level of economic
activity.
THE ECONOMIC CYCLE
ECONOMIC
INFLUENCE
ECONOMIC INFLUENCE

The economy is also affected by

overseas trends- changes in trade,
investment and currency levels all
affect Australia’s level of economic
activity.
The continued growth of China’s
economy has benefited Australian
business in relation to exports
ECONOMIC INFLUENCE
Important note: NOT all businesses experience a
downturn in revenue and sales during a recession; nor do
they experience an upswing in trade during a boom
session.
ANCIAL INFLUENCES

Deregulation: is the removal of government regulation from

industry, with the aim of increasing efficiency and improving
competition.
It has resulted into businesses changing into a more flexible,
market-oriented approach.
A substantial number of new banking products have emerged,
aimed at the business sector.
Australian businesses are able to not only use domestic
financial institutions for institutions such as Global Media
company, can access finance from worldwide sources
Technology has made global financial transaction so much
more easier and faster across the globe
 GEOGRAPHICAL
INFLUENCE
Two Major factors that have an enormous impact on
business activity are Australia’s geographic location
within the Asia-Pacific region and the economic growth in
a number of Asian nations, especially China.
Demography is the study of population, location, age ,
gender, income, cultural background and family size --
Changes in these factors can lead to changes in demand
levels and the nature of products and services!
Major issue in the business context with demographic
issues is the changes in the age structure of our
population. When they start to age, shortages in the
workforce and increase in demand for age-related
services such as health and aged care start to rise.
There is a link between population levels and economic
 GLOBALISATION
Globalisation: Is the process that sees people, goods, money
and ideas moving around the world faster and more cheaply than
before.
We receive clothes, footwear, brands, telecommunications access
and so forth from all over the world.
Globalisation, assisted by the technological revolution in
communications and computers, it is radically altering the shape
of world markets as well as the nature of business.
New communications, information and transportation technology
have redefined our concepts of distance and time.
 WHAT YOU ALSO NEED
TO KNOW…
Changes in the global and domestic financial
markets will influence the cost of borrowing
money and therefore directly affect the level of
investment by a business
Two major geographical factors that affect
business activity are:
Australia’s geographic location within the Asia-
Pacific region
The process of globalisation
 Social Influences
Changes in tastes, fashion and culture can lead to sales and profit
opportunities and business growth.

FAILURE to respond to these constant changes will threaten business stability

and viability

Examples of social issues:

Pressure to be environmentally friendly

Society are becoming more aware of the conditions and the repercussions of
the deteriorating environment… as a result, customers have protested for
environmentally products that protect the environment. Business have began
to cater for that and as a result, customers will buy their products rather than
avoid it due to issues related to animal cruelty for instance.

Family-Friendly Programs

For women, it is extremely difficult managing work and family responsibilities

which is causing women to take a lot of leave or permanently leave
businesses. As a response, businesses have implemented family-friendly
practices that assist employees in their personal live and also allow them to
work flexible hours.
 LEGAL INFLUENCES
All businesses have a specific legal
responsibility to their customers and
competitors in the way in which they
provide goods and services
Compliance to government/legal
regulations is time consuming and
costly for business owners. These
regulations can also be confusing and
contradictory.
It is important to be aware of our laws
as they do affect the operations of the
business (to avoid penalties)
business legislations includes
regulations on taxation, industrial
relations, OHS, equal employment
opportunity, anti-discrimination and
protect for the environment.
 LEGAL
INFLUENCES
Trade Practices Act 1974 (Cwlth), which applies to virtually all
businesses in Australia. It is administered by the Australian
Competition and Consumer Commission (ACCC), which is an
independent statutory authority. The ACCC operates nationally
for the enforcement and administration of competition and
consumer protection laws.

A breach of any of the consumer protection provisions of the

Trade Practices Act can result in the ACCC taking criminal
proceedings against the business concerned. The Act allows the
courts to impose penalties of up to $1.1 million for companies,
and $220 000 for individuals who breach the Act

ACCC officers are legally allowed to seize documents from

businesses if they suspect you for breaching the Trade Practices
Act.
POLITICAL INFLUENCES