Chp 1 - People in business Flashcards
Whats a commercial business?
Provides goods and services with the aim of making a profit
Whats a non-commercial business?
Provides a service that puts people before profit
Whats an entrepreneur?
A person who spots a gap in the market, comes up with an idea and then takes personal and financial risks to set up a business with the hope of making a profit
What an investor?
Provides the entrepreneur with the capital needed to set up and run a business
What does an employer do?
Hires staff, ensures a safe workplace and pays a fair and agreed wage/salary
Whats an employee?
A person employed to work in the business in return for a wage/salary
Whats does a producer do?
Takes raw materials and processes them into finished goods
Whats a consumer?
A person who buys goods and services for their own personal use
Whats a manager?
A person responsible for the day-to-day running of the business
Whats a supplier?
Other firms who supply the business with raw materials or finished goods for resale
Whats a competitor?
A rival firm competing for market share in the same line of business
Whats an interest group?
A group of people who work together to campaign for a common goal
Whats a trade association?
An interest group founded and funded by businesses that operate in a specific industry
Whats a stakeholder?
Individuals or organisations affected by the actions and policies of a business
Whats a salary?
Money earned by an employee regardless of hours worked
Whats a wage?
Money earned by an employee based on work completed or hours worked
What is boycotting?
When customers refuse to buy goods/services from a business to show their dissatisfaction with some aspect of the business
What is lobbying?
Trying to persuade decision-makers to support laws/rules that give an advantage to an industry
Whats a co-operative relationship?
Stakeholders work together for common goal (its a win-win situation)
Whats a competitive relationship?
Stakeholders work towards different goals. One party benefits at the expense of another (its a win-lose situation)
Whats a dependent relationship?
When stakeholders need each other
Whats a dynamic relationship?
When the relationship between stakeholders is constantly changing
IBEC
Irish Business and Employer’s Confederation
ICTU
Irish Congress of Trade Unions
IFA
Irish Farmers Association
ISME
Irish Small and Medium Businesses Association
SIMI
Society of the Irish Motor Industry
