CHAPTER 1-Introduction to People in Business

Question 0

what are commercial businesses ? (examples)

Answer 0

they provide goods and services to make a profit for the owner.
(example: dunnnes stores, bmw and apple).

Question 1

what is a business ?

Answer 1

a business is any organisation set up to provide goods or services. A business can be commercial or non-commercial.

Question 2

what are non-commercial businesses ? (examples)

Answer 2

they exist to meet some needs other than making a profit.

example: trocaire, St.Vincent de Paul and sports clubs

Question 3

what are stakeholders?

Answer 3

they are different groups of people who are directly affected by how a business is run

Question 4

name the different stakeholders ?

Answer 4

entrepreneurs investors employees managers

producers customers suppliers government

Question 5

what are entrepreneurs ?

Answer 5

they are people who take the initiative to turn an idea into a business

Question 6

what is owners’ capital and what is it also know as ?

Answer 6

it is money invested by people or companies. In return they become part owners of the business and are entitled to a share in the future profits. it is also known as equity capital

Question 7

what are interest groups ?

Answer 7

they are organisations representing people who share common interest or goals

Question 8

what is lobbying ?

Answer 8

it refers to the deliberate effort by interest groups to influence decision-makers by promoting a particular point of view

Question 9

what are business interest groups ? (examples)

Answer 9

they represent the interests of businesses
examples:
IBEC-Irish Business and Employers Confederation,
ISME-Irish Small & Medium Enterprises,Chambers of Commerce

Question 10

what are trade associations ? (examples)

Answer 10

they are business interest groups that represent businesses involved in similar types of activities.
examples:
SIMI-Society of the Irish Motor Industry,
FDH-Food and Drink Industry Ireland
IAHS-Irish Association of Health Stores,
RGDATA-

Question 11

what does IBEC stand for ?

Answer 11

Irish business and Employers Confederation

Question 12

what does ISME mean ?

Answer 12

Irish Small and Medium Enterprises

Question 13

what does SIMI stand for ?

Answer 13

the Society of the Irish Motor Industry

Question 14

what does IAHS stand for ?

Answer 14

Irish Association of Health Stores

Question 15

what are trade unions ? (examples)

Answer 15

they are organisations that represent the interests of employees in a business on issues concerning pay or conditions of employment
examples:
SIPTU-Services Industrial Professional and Technical,
ASTI-Association of Secondary Teachers, Ireland,
TUI-
ICTU-The Irish Congress of Trade Unions

Question 16

what is conflict ?

Answer 16

it occurs when the interests of different people in business are in disagreement. This results in one party wanting to achieve something which is in conflict with what the other party wants

Question 17

what is arbitration ?

Answer 17

it means getting a third party to listen to all sides and then to recommend a solution

Question 18

list legislative ways to resolve conflict between consumers and businesses ?

Answer 18

national consumer agency ,

small claims court .

Question 19

list legislative ways to resolve conflict between employers and employees ?

Answer 19

labour relations commission,
labour court,
equality authority,
employment appeals tribunal.

Question 20

list non legislatives ways to resolve conflict ?

Answer 20

talk

seek help