crazam 1 Flashcards
co op relationship between employee and employer
when the employer invests in training for the employer. this increases skulls of the employee, improved their motivation and increases productivity for the business
competitive relationship employee s& employer
employee may want to decrease post in order to maximize the business profitability but the employee may want a pay increase
competitive relationship investor & manager
when deciding on a dividend, manager might want to reinvest the profits and minimize the dividend to be paid to investors while investor may want to maximize dividend pay to investors
co op relationship investor & manager
both are trying to grow the business, investor can provide capital and manager works to achieve results for the business, so investor can get a dividend
trade union
•an organization of employees that promotes and protects the interests of its members in issues like wages and working conditions, especially through negotiations with employers
•employees pay a subscription to be a member. the tu aimes to protect and improve pay and conditions for members
co op relationship between gov and entrepreneur
gov uses state agencies like Enterprise Ireland to provide advice and financial support to businesses. in return the business provides employment for people in local community and pays taxes to gov eg corporation tax
competitive relationship gov & entrepreneur
•when entrepreneur deliberately underpays taxes owed to gov. results in less gov rev to fund services for citizens in ireland eg healthcare, etc
•eg googles ireland subsidiary has agreed to pay €218M to irish gov in back taxes for the year 2020
produce and consumer co op relationship
•producer conducts market research to find out what consumer likes and dislikes about products, results in consumers getting products that satisfy their needs and helps increase sales/profits for producers
•eg kitkat launched “choose a chunky champion” campaign to get consumers to choose new kit kat chunky flavor
producer and consumer competitive relationship
•produce makes poor quality product/gives consumers poor quality after sales service in order to save money. consumer is unhappy and makes future purchases from competitor. lord of sales, profits and rep for producer
•eg cadbury fined over €1M when salmonella found in products & made consumers unwell
role of interest groups in business
•organizations that represent the common viewpoint, objectives and goals of a particular group of stakeholders. interest groups are known as pressure groups or lobby groups
•seek to influence decision makers by lobbying, media campaigns, public protests, boycotted and possible legal action
example for role of interest groups in business
•IBEC lobbied the gov to ease restrictions so that businesses could reopen. IBEC lobbied the irish gov to provide grants to businesses who needed to implement safety measures.
co op relationship between two producers in same line of business
could exist to encourage consumption of the good
eg: two rival car manufacturers share the cost of developing a manufacturing plant
competitive relationship between two producers in same line of business
car manufactures like Volkswagen and Renault compete in
•quality of goods
•price of goods
•customer service
•choice of goods and service
agreement
(contract termination)
the parties to the contract may agree to end to the contract by mutual consent, whether or not the purpose of the contract has been achieved
breach of contract
•if one of the parties breaks an essential element of the contract, the contract is said to be repudiated
•the second party has the right of action in the courts against the first party who caused the breach and is entitled to compensation
