2nd Year Christmas Test Flashcards
What is opportunity cost
It is the item we must go without when we have to make a choice
Define the term international trade
International trade is the buying (importing) and selling (exporting) of goods and services between different countries.
Define the term importing
Importing is buying goods or services from other countries. When this happens, money leaves the country.
Define the term exporting
Exporting is selling goods or services to other countries. In the case of all exports, money comes into the country.
What are skills
Some countries make certain products.eg. Switzerland makes Swiss watches
Define the term costs
Foreign goods may be cheaper
Define the term consumer choice
Irish consumers want to have a variety of goods and services to choose from.eg. Food and clothing
What are the legal rights for employees
Employees are protected by a number of employment laws. They have the right to:
• Receive at least the legal minimum wage
• Receive a written contract of employment
• Receive the correct amount of paid holidays
› Work in a workplace that is safe and healthy
› Receive proper rest breaks during work
› Be provided with all information about them that is held by their employer.
What are the legal responsibilities of employees
Employees should:
• Carry out their duties as stated in their contract of employment
› Follow workplace rules and safety instructions
› Respect their employer’s property
› Wear protective clothing and equipment provided by their employer
• Attend all training provided by the business
› Not discriminate against or bully other employees.
List 2 social rights of employees
› To work in a safe and respectful atmosphere, free from danger, bullying or discrimination
› To join a trade union if they choose to do so.
List 3 environmental rights of employers
› To have a safe and healthy working environment
To be provided with necessary safety equipment and protective clothing
› Not to be asked to carry out work that breaches environmental regulations.
List 3 ethical rights of a employee
To receive a fair day’s pay for a fair day’s work
› To have their religious and cultural beliefs respected
• Not to be asked to do anything unethical or illegal.
List 3 social responsibility of a employee
Employees have the responsibility to:
• Treat customers, co-workers and the employer with respect
› Work with and support fellow workers in order to achieve the aims of the business
› Be loyal to their employer and not disclose confidential business information.
Name an environmental responsibility of employees
Employees should carry out work in an environmentally responsible way and follow all environmental regulations and procedures; for example, they should not dump waste illegally.
Name 4 ethical responsibility of a employee
Employees should:
> Do a fair day’s work for a fair day’s pay
› Be on time for work
> Not be absent from work without a valid reason, for example illness or a family emergency
› Be honest and truthful in all aspects of their work.
What is work
Work is any productive activity that requires effort
Define the term volunteering
People carry out work/activities without payment and effort for there time
What is unemployment
Unemployment is members of a labour force who can’t find suitable work
Define the term employment
Employment is the members of a the labour force engaged in paid work
Define the term fixed term employment
Fixed term employment is people employed on a fixed term basis.eg. 10 month contract
List 2 benefits of volunteering
You can learn new skills and have a chance to socialise and meet and make new friends
Define the term public sector
The public sector provides services sectors by the government. Public sector workers are employed by the state .eg. School teachers
Define the term private sector
A commercial enterprise is private working profit. Non-commercial main goal to promote products/business
Name 3 types of employment
Full time employment,part time employment,job sharing
Name 4 advantages of employment
Regular income,perks example company car,promotion-can move up the ranks,job satisfaction
List 4 disadvantages of employment
Unsocial working hours,having to follow someone else’s instructions,may have to work long hours over busy periods,pay tax
Define the term industrial relations
The relationship between managers and workers in an organisation is known as industrial relations. Sometimes these relationships are good or bad
Name and explain what a trade union is
Trade unions are organisations that represent workers in their workplace. They are set up to protect workers in their disputes with management. Common Trade Unions include the Irish Congress of Trade Unions and SIPTU. Máistir is. Member of the Teachers Union of Ireland
Define the term shop steward
A shop steward is an elected member of staff to represent them and they work closely with trade unions in informing union members of any updates and organises votes if Industrial Action is to take place.
Name 3 types of enterprises
Social,financial and cultural
Define the term social enterprise
Its goal is to help people and the community.eg. UNICEF
Define the term financial enterprise
A financial enterprises goal is to make a profit. The benefits of this are it creates jobs ,tax revenue and spin off effects like other Irish brands might buy from other Irish brands.eg. McDonald’s
Define the term cultural enterprise
It promotes arts,heritage,tradition sports,theatre and music.eg GAA
Define the term sole trader
A Sole trader has one opener who has full control of the business and gets to keep all the profits
Define the term private limited company
They are owned by 1-149 people and there will be better decisions with more than one owner
Define the term Co-operation
Opened by many people
Define the term partnership
It is easier to raise capital, profits must be shared 2-40 amd more people =better decisions
Define the term unlimited liability
Unlimited liability means that the sole trader is personally responsible for the debts of the business.
Define the term limited liability
The business has Limited or Ltd in its name because the liability of the owners is limited to what they originally invested in the business (limited liability). This means that unlike a sole trader, individual shareholders are not personally liable for company debts.
Name 2 advantages of a sole trader
You have full control of all the decisions for the business and can keep all the profits
Name 2 advantages of a private limited company
It’s easier to ramos capital and if you get sued it’s the business getting sued not you
Name 2 advantages of a cooperative
If your getting sued it’s the business not you and it’s easier to get more workers
Name 2 advantages of a partnership
The more people there is the better the decision making is and it is easier to gain capital
Name 2 benefits of branding
It helps a business to increase sales because consumers know and trust the brand and It encourages customers to buy upgrades or new products from the same brand (known as brand loyalty).
Name 4 benefits of market research
Information about customers’ needs and wants, Information about their competition, The likely level of demand/sales for a new product or service and The best price to charge their customers
Define the term assets
An asset is something of money value.eg. House
Define the term stock
Stock(these are your items for resale in shop .eg, DvDs
Define the term liabilities
A liability is something you owe.eg. Shop and stock bought
Define the term creditors
Who we own money too
Define the term foreign exchange
Changing one currency to another.eg . Going on a business trip
Name 2 impacts of organisms in your local area
Creates jobs and brings money into the local economy
Outline 2 benefits of a business plan
It will have a list of business goals for that year and it will be easier to get investors if you have one
Explain 3 characteristics skills often produced by an entrepreneur
Entrepreneurs accept change as natural. They learn from their mistakes and failures by adapting when things don’t go according to plan.
Self-confident
Entrepreneurs believe in themselves and in their business idea. They believe they have what it takes to be successful and that they can cope with any setbacks.
Decisive
Entrepreneurs have the ability to make timely decisions and take responsibility for the decisions they make.
Define the term financial enterprise
A financial (or commercial) enterprise is set up to make a profit by selling a product or service. Most businesses, including banks, shops, airlines, etc., are financial enterprises.
Define the term culture enterprise
A cultural enterprise provides local or national consumers with access to the visual arts, theatre, film, music, radio, literature, arts and crafts, folklore, language, food, traditional sports, festivals or events. Cultural enterprises can be either commercial or non-commercial.
Define the term social enterprise
A social enterprise is one that puts people and community ahead of private and personal gain.
Name and explain 2 impacts of organisations
Jobs are created in the organisation as well as spin-off jobs in related businesses such as transport, banking, suppliers and cleaning services and There will be a growth in local services to meet the needs of local organisations.eg. taxi/transport services, banks, credit unions.
Name and explain 2 negatives of organisations
New organisations, especially those employing a large number of people, may create housing problems in a community. If employees want to live close to their place of work and New organisations may generate extra traffic, and existing roads may not be able to deal with this increased volume.
Outline 2 types of government current expenditure
Wages and the pensions
Outline 2 types of government capital expenditure
Building new roads and purchase of property
What are benefits of joining a trade union
decent raises/minimum pay, affordable health care, job security, and a stable schedule
