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Business > 1-People In Business > Flashcards

1-People In Business Flashcards

1
Q

Entrepreneur

A 
Spots opportunity
Use initiative 
Makes money
Financial and person risk
E.g. Mary Ann o brien
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2
Q

Investor

A

Gives capital to entrepreneur
Exchange for return on investment
Debt capital:lend,paid back in interest(bank)
Equity finance:capital in return for share (Anita Roddick)

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3
Q

Employer

A

Hires others to work
Entrepreneur may become employer if they do not have certain skills
Employer rewards employer financially and non financially
E.g. Aer lingus

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4
Q

Employee

A

Works for employer in return for wage
Carries out essential tasks
Intrepeneur-help make business more successful (Xbox)
Aer lingus

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5
Q

Manager

A 
Runs business 
Achieves objectives
Uses resources
Leads and motivates
CEO Michael o Leary Ryanair
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6
Q

Producer

A

Makes finished products
Raw materials-manufacturing process-finished product
E.g. Cadburys

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7
Q

Consumer

A

Buys goods or services for personal use
Provides entrepreneur with market research info
E.g. Buying lily o briens chocolate

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8
Q

Service provider

A

Business that offers helpful supports to entrepeneurs

E.g. Solicitor or bank

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9
Q

Interest groups

A

Organisation of people coming together to campaign for common goals by pressuring
Lobbying-apply pressure to decision maker by contacting and meeting to persuade to make decision interest groups
E.g. Irish farmers association (IFA)

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10
Q

Co op relationship

A

Parties in business-same objective
Help each other achieve goals
Win win situation
E.g. Body shop promotes amnesty international-increases sales,publicity

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11
Q

Competitive relationship

A

One party wants to be more successful
Win lose situation-rivals
E.g. Tayto and walkers lower prices and compete on quality

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12
Q

Dependent relationship

A

Parties need each other to be more successful
Cannot achieve goals alone
Consumers and producers depend on each other
Producers make profit
Consumers get needed products

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13
Q

Dynamic relationship

A

Relationship constantly changes
Competitive and co op
Eh competing businesses organise town festival to bring more people to area (rose of tralee)

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14
Q

Contract

A

Legally binding agreement
Enforceable in law
Broken-compensation

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15
Q

Essential elements of contract

A 
Offer
Acceptance
Consideration
Intention to contract
Capacity to contract
Consent to contract
Legality of form 
Legality of purpose
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16
Q

Offer

A

One person asks another to enter into deal
Communicates offer
E.g. Putting groceries on conveyor belt
Invitation to treat-price tag or shop display,devices to attract customers
Indication seller would like to receive offer

17
Q

Acceptance

A

Other person agrees precisely to all terms of deal

Eh supermarket accepts offer to buy groceries when shop assistant scans them

18
Q

Consideration

A

Payment
Must be real and valuable
Eg if you lend me business book I’ll be your friend-not real and valuable

19
Q

Intention to contract

A

Both parties mean it to be legally binding

Eg agreements between family members for non business transactions are not contracts

20
Q

Capacity to contract

A

Person has legal right to make contract
Legal power and ability
People who cannot make contract:under 18,mentally incapacitated(drugs or drink)

21
Q

Consent to contract

A

Real voluntary genuine permission to enter contract
Cannot be forced against their will
Eg chairperson threatens to kill CEO if he does not buy shares-judge let him out because he was forced

22
Q

Legality of form

A

Contracts drawn up in certain way

Eg when buying house must be in writing

23
Q

Legality of purpose

A

Legally binding contracts only for legal transactions

Eg no compensation for bank robber whose getaway car never showed up

24
Q

Performance

A

Contract ends when each person carries out their side

25
Q

Agreement

A

All parties voluntarily agree to end contract

26
Q

Frustration

A

Event happens that was not reasonably foreseeable

Death or bankruptcy

27
Q

Breach of contract

A

One person breaks part of deal
Eg contract for grind and teacher doesn’t show up-contract ends and you do not pay teacher
Condition-essential and fundamental part of contract
Warranty-term of contract not essential and fundamental

28
Q

Remedies:damages

A

Judge orders person who broke contract to pay financial compensation
Eg Adele

29
Q

Specific performance

A

Judge orders person who broke contract to carry out exactly as she promised
Eg Adele

30
Q

Rescind the contract

A

Judge orders contract to be set aside
Two people return to position before contract
Eg Adele

Business (12 decks)

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