Chapter 1

Question 1

Non-commercial business

Answer 1

Businesses set up to provide goods and services to meet some needs without the intention to make a profit .eg. SVP

Question 2

Commercial business

Answer 2

Businesses set up to provide goods and services

Question 3

Business

Answer 3

An organisation that produces good and services and supplies them to customers .eg. Dunnes Stores

Question 4

Commercial business

Answer 4

Business that provides goods and services to sell them to customers with the intention of making a profit .eg. Dunnes Stores

Question 5

Private sector businesses

Answer 5

Run by private individuals .eg. Vitz Drinks

Question 6

Public sector business

Answer 6

Owned by the state .eg. RTÉ

Question 7

Stakeholders

Answer 7

The people involved in a business and are directly affected by its decisions
Internal stakeholders ~ owners
External stakeholders ~ customers

Question 8

Entrepreneurs

Answer 8

People with the initiative to turn an idea into a business and bear the risks involved.
Social and commercial entrepreneurs
Ade Roche - Chernobyl Children’s Project
Gary Lavin

Question 9

Investors

Answer 9

The people who provide a business with the finance it needs

Gary Lavin

Question 10

Owners/Equity Capital

Answer 10

Money invested by people/business to become partial owners of the business

Question 11

Grant

Answer 11

A gift of money that does not have to be repaid as long as certain conditions are met like creating a certain number of jobs

Question 12

Managers

Answer 12

People responsible for running the business and achieving its goals

Question 13

Producers

Answer 13

The business that make goods to sell to customers

Vitz Drinks

Question 14

Suppliers

Answer 14

The business that supply raw materials needed by the producer

Question 15

Consumers

Answer 15

People who buy goods and services for their own personal use

Question 16

Customers

Answer 16

People who buy goods and services for their own use or to resell it

Question 17

Society

Answer 17

Local community where the business it located and the wider society, bot nationally and internationally

Question 18

Government

Answer 18

Local and national authorities that set the rules and regulations by which businesses must operate

Question 19

Interest groups

Answer 19

Organisations that represent people who share a common interest or goal
They lobby, negotiate, boycott, legal action

Question 20

Business interest group

Answer 20

IBEC
Irish business and employers confederation
Large and medium sized business in Ireland

Question 21

Trade associations

Answer 21

Business interest groups that represent business in similar types of activities
SIMI - Society of the Irish Motor Industry
FDII - Food and Drink Indusrty Ireland
IFA - Irish farmers Association

Question 22

Trade unions

Answer 22

Represent interests of employees in a business on issues concerning pay or conditions of employment
ASTI
ICTU - Irish Congress trade union
CCPC - Competition and Consumer Protection Commission

Question 23

Lobbying

Answer 23

A deliberate effort by interest groups to influence decision makers by promoting a particular point of view

Question 24

Examples of Interest Groups and Trade Associations

Answer 24

IBEC - Irish Business Employers Confederation
ISME - Irish Small and Medium Enterprises
Chambers of commerce

Question 25

Co-operative Relationship

Answer 25

Businesses work together towards a common goal in a mutually beneficial way
Win - win

Question 26

Competitive relationship

Answer 26

Both parties want the same thing but only one gets it

Win - lose

Question 27

Solving conflict in business

Answer 27

Non-legislative: talk, negotiate, arbitration, third party
Legislative: state conflict resolution agency - CCPC, small claims court, WRC
Law: Consumer Protection Act 2007