keywords units 1-4 Flashcards
1
Q
stakeholders -what is an entrepreneur
A
spots a gap uses initiative, takes personal/ financial risk to make a profit
2
Q
stakeholders -what is an investor
A
gives capital to fund a business for a return on their investment
3
Q
stakeholders -what is an employer
A
hires employees to carry out work, paying them wages
4
Q
stakeholders -what is an employee
A
gets paid wages to carry out work for their employer
5
Q
stakeholders -what is a manager
A
runs a business or part of (department) for the entrepreneur
6
Q
stakeholders -what is a producer
A
manufactures goods from raw materials using factors of production
7
Q
stakeholders -what is a supplier
A
sells a business goods (stock) or a partly finished good( raw materials)
8
Q
stakeholders -what is a service supplier
A
offers a business services like electricity, internet, legal, banking
9
Q
stakeholders -what is a consumer
A
buys goods/ services for their own consumption
10
Q
stakeholders -what is an interest group
A
represents and promotes the interests of a group with a common interest- uses lobbying, negotiation, protests, information campaigns to influence decision makers
eg IBEC, ICTU , IFA
11
Q
types of relationships between stakeholders - competitive
A
win-lose , one party benefits at the expense of another
12
Q
types of relationships between stakeholders - co- operative
A
win-win, mutual benefit for both parties
13
Q
elements of a legally binding contract - agreement
A
offer & acceptance must exist, agreement of terms offered
14
Q
elements of a legally binding contract - consideration
A
something of value must be exchanged between parties
15
Q
elements of a legally binding contract - legality of form
A
some need to take on certain form
eg sale of house must be written
16
Q
elements of a legally binding contract - consent to contract
A
party cant be forced to agree a contract through threats
17
Q
elements of a legally binding contract - capacity to contract
A
legal ability to agree, cant be bankrupt, insane, a minor
18
Q
elements of a legally binding contract - legality of purpose
A
illegal contracts like a drug deal aren’t enforceable by law
19
Q
elements of a legally binding contract - intention to contract
A
awareness that the agreement is legal, not just social/ domestic
20
Q
termination of a legal contract - frustration
A
event occurs ( death/bankruptcy ) making a contract impossible
21
Q
termination of a legal contract - breach
A
party breaks an essential element (condition)
22
Q
termination of a legal contract - performance
A
both sides have carried out their contractual obligations
23
Q
termination of a legal contract - agreement
A
parties decide to end contract early by mutual consent
24
Q
remedies for breach of a legal contract - specific performance
A
court orders party to fulfil the agreed terms of the contract
25
remedies for breach of a legal contract - financial compensation
court orders guilty party to pay damages
26
remedies for breach of a legal contract - rescind the contract
court orders parties to return to the initial starting position
27
the sale of goods and supply of services act 1980 - provision for goods
1.merchantable quality - reasonable durability/ standard for price of item
2. fir for purpose - should preform it's intended function
3. conform to sample - should match example used to sell it
4. as described- should match on advertisement/ description used
28
the sale of goods and supply of services act 1980 - provisions for services
1. necessary skill - qualified provider
2.due care - service is not rushed/ poorly delivered
3. merchantable quality - all tolls used/ goods given with service
29
the sale of goods and supply of services act 1980 - guarantees
additional protection given to the consumer on top of legal rights
30
the sale of goods and supply of services act 1980 - signs limiting consumer rights
"No refunds" is illegal - can't display a sign reducing legal rights
31
the sale of goods and supply of services act 1980 - unsolicited goods
goods sent to a person without them ordering them
32
the sale of goods and supply of services act 1980 - right to cancel
right to cancel within 14days when a product is not bought in a physical shop. right to full refund, called a "cooling- off" or withdrawal period
33
the sale of goods and supply of services act 1980 - retailer is responsible
retailer not manufacturer is responsible to the consumer
34
the sale of goods and supply of services act 1980 - redress available
refund - cash refund for complaining promptly
repair - retailer has product fixed
replacement - new or similar model given
35
the consumer protection act 2007 - a business cannot make a false claim about their product
can't sell counterfeit items as real items ; lie about the origin ; lie about an award received; lie about previous usage
36
the consumer protection act 2007 - a business can't use misleading advertising for the product
when advertising, it should be clear what the use is/ what can be expected from the product, can't mislead by comparing not like for like products
37
the consumer protection act 2007 - advertising of prices
truthful about the actual price, previous price and recommended retail price when comparing to the current selling price.
38
the consumer protection act 2007 - price displays
must price all goods for sale, some items must be shown per kg.
39
the consumer protection act 2007 - aggressive selling practices
prohibits harassment, coercion, or exercising undue influence to get someone to purchase an item
40
the consumer protection act 2007 - pyramid schemes
bans schemes where people buy in at a level and recruit more people to buy in below them in order to make a profit
41
the consumer protection act 2007 - price controls
government can impose maximum price on certain goods in an emergency situation
42
CCPC- competition and consumer protection commission (functions) - informing the consumer
provide information on ccpc.ie and it's social media accounts
43
CCPC- competition and consumer protection commission (functions) - enforcing consumer law
issue compliance notices & on the spot fines, uses "name and shame"
44
CCPC- competition and consumer protection commission (functions) - conducting research into consumer issues
research consumer behaviour and outcomes to help consumers realise possible savings/ improvements available
45
CCPC- competition and consumer protection commission (functions) - educating the consumer to make informed choices
financial calculators, mortgage comparisons and suggest law changes
46
CCPC- competition and consumer protection commission (functions) - advising the government
highlights issues facing consumers and suggests law changes
47
CCPC- competition and consumer protection commission (functions) - protecting consumers from firms dominating the market
monitors potential mergers & acquisitions, reduce likelihood of monopolies that prevent fair competition
48
small claims court/ small claims procedures - types of claims
faulty goods, bad workmanship or damages to property
49
small claims court/ small claims procedures - compensation
can award compensation to a maximum of €2000
50
small claims court/ small claims procedures - affordable/ accessible
it costs €25
51
small claims court/ small claims procedures - convenience
don't need to hire a solicitor, online application system
52
small claims court/ small claims procedures - speed
retailer given 2 weeks to respond or district court hearing set
53
ombudsman for public services - types of claims
if a public service body has given you wrong information or your complaint hasn't been dealt with properly
54
small claims court/ small claims procedures - last resort
will only investigate complaints if the person has tried to resolve the problem themselves first
55
small claims court/ small claims procedures - investigations
preliminary - informal interview, gathers information
formal - in private/ in writing, demand files, documents, formal interview to aid the investigation
56
what are the factors that lead to industrial disputes ?
-changes to working conditions
-redundancy
- disputes over pay
-discrimination
- trade union recognition
- unfair dismissal
- new technology
-demarcation issues
57
types of pay claims employees can make - cost of living
relation to inflation/ rising rents, maintain standard of living
58
small claims court/ small claims procedures - comparability
similar jobs in different sectors/ industries ( private vs public)
59
small claims court/ small claims procedures - productivity
request for higher pay to reward higher output of worker
60
small claims court/ small claims procedures - relativity
traditional/ historic link between certain jobs ( public sector jobs)
61
non legislative solutions to industrial conflict - meet and talk
discuss, clarify, communicate issues around the disput
62
non legislative solutions to industrial conflict - negotiation
bargaining, counter offers, compromise to reach a solution
63
non legislative solutions to industrial conflict - mediation
unbiased 3rd party encourages parties to talk (facilitator) in a meeting, doesn't offer any solutions/ recommendations
64
non legislative solutions to industrial conflict - conciliation
facilitator of 2 parties to get them to reach an agreement themselves, doesn't offer a recommendation but may suggest potential solutions to help the parties resolve their conflict
65
non legislative solutions to industrial conflict - arbitration
listens to 2 parties then issues a recommendation( solution ) which can be binding or not binding if agreed beforehand
66
what is a trade union ?
an organisation of employees that promote and protect the interests of their members like seeking pay increases through negotiation with employers
67
industrial relations act 1990 - trade disputes
dispute over employment or non-employment or the terms of conditions of employment ( pay, discrimination, unfair dismissal ). cant be for managerial/ political decisions
68
industrial relations act 1990 - secret ballot and one week's notice
confidential vote by union members ( all must get a chance to vote ), majority needed (>50%) for action to take place, employer must receive minimum 7 days notice of the action
69
industrial relations act 1990 - primary and secondary picketing
primary - peaceful protest outside workplace with placards
secondary - peaceful protest outside another workplace if their actions are frustrating the resolution of the original strike
70
industrial relations act 1990 - immunity
if action is official/ sanctioned, employer can sue employees for lost sales/ profits during the industrial action
71
types of industrial action that is legal - official strike
employees protest peacefully outside their work's premises with placards and do not enter work or do their work
72
types of industrial action that is legal - work-to-rule
do exact job written in their contract, with out any flexibility
73
types of industrial action that is legal - overtime ban
workers refuse to work extra hours outside their contracted hours to frustrate the employer who may be trying to fulfil orders
74
types of industrial action that is legal - token stoppage
brief stoppage to worker, carries threat of further types of action
75
unfair dismissals act 1977/2015 - fair dismissal
incapable - persistently late or absent prevents work being done.
incompetent - not meeting required standards continuously.
qualifications - lied about qualifications to get a job/ fails to upskill
misconduct - eg caught taking drugs at work
redundancies - bs can prove position is no longer required
contravening law - illegal to continue job eg work permit expired
76
unfair dismissals act 1977/2015 - steps for dismissal
1. counselling - advise on how to improve/ what the issues are
2. formal verbal warning - recorded o employees record
3. written warning - precedes dismissal
, may also have a suspension
4. inform them of dismissal in writing - within 14 days
5. offer right of appeal
77
unfair dismissals act 1977/2015 - unfair dismissal
steps weren't followed, insufficient evidence exist, were discriminated against, constructive dismissal, incorrectly chosen for redundancy
78
unfair dismissals act 1977/2015 - redress for unfair dismissal
compensation - up to 2 years of pay
re-engagement - employee contributed to the dismissal, but it still wasn't deemed unfair, a job, no back pay
re- instalments - put back in their job, with pay increases/ back pay
79
employment equality act 1998/2015 - employment discrimination
definition - an employee is treated in a less favourable way than another person is, has been or would be treated
grounds - gender, disability, civil status, family status, sexual orientation , religion, age, race, membership of the traveller community
80
unfair dismissals act 1977/2015 - illegal ads
advertising that is discriminatory is illegal "young staff wanted"
81
unfair dismissals act 1977/2015 - role of WRC in discrimination cases
mediation - equality mediation officer would facilitate parties to reach a mutually acceptable agreement
adjudication - adjudication officer can investigate, view evidence the give parties a written decision on the dispute to them
82
work place relations commission (WRC) - advisory service
promote good practice, help review/ develop grievance procedures
83
work place relations commission (WRC) - conciliation
makes IRO ( industrial relations officers) available to offer neutral/ impartial third party steering of the parties to reach a voluntary resolution, informal , represent self
84
work place relations commission (WRC) - mediation
a mediation officer comes in at an early stage to get parties to arrive at a solution together themselves. if not successful, they will notify the Director General and it'll be referred for adjudication. voluntary process.
85
work place relations commission (WRC) - adjudication
statutorily independent in their decision making duties. they hold a hearing, hear evidence then decide on the matter and give a written decision
86
the labour court - a court of last resort
hears appeals/ cases that haven't been resolved in the WRC
87
the labour court - arbitration
not a court of law - offers a recommendation to solve hearings
88
the labour court - code of practices
investigates breaches/interprets workplace codes of practice
89
the labour court - register agreements
hold a registrar of decisions that can be referred to during grievance procedures by employers/employees
90
what is an entrepreneur ?
they spot a gap in the market and use innovation to create a new good/service in order to make a profit, while taking on the personal and financial risk of failure
91
what is the difference between enterprise and management ?
enterprise - starting something new
management - achieving goals with and through people
92
why become an entrepreneur - to earn more income
not be limited to asset wage/ salary, keep all profits
93
why become an entrepreneur - to be their "own boss"
responsibility/ control over decisions, self- directed
94
why become an entrepreneur - limited career path
may be limited in potential growth in a profession
95
why become an entrepreneur - see a gap in the market
capitalise on an opportunity they think could make
96
why become an entrepreneur -government support
grants/ training from local enter prices offices (LEO's)
97
why become an entrepreneur - they were made redundant
job no longer needed/ vacancies/ necessary
98
why become an entrepreneur - inspired by entrepreneurs
energised/ encouraged from other's success stories
99
entrepreneurial skills & characteristics - innovative
create new ideas/ processes
100
entrepreneurial skills & characteristics - human relations
communicate, energise, network , negotiate well
101
entrepreneurial skills & characteristics - flexible
respond to changing environments, adapt
102
entrepreneurial skills & characteristics - reality perception
see things how they are, not how they wish they were
103
entrepreneurial skills & characteristics - proactive
don't wait to react, use initiative in advance
104
entrepreneurial skills & characteristics - future focused
anticipate future trends, spot gaps
105
entrepreneurial skills & characteristics - decisive
act quickly and confidently under pressure
106
entrepreneurial skills & characteristics - risk taking
take on personal and financial risk of decisions
107
entrepreneurial skills & characteristics - determined
confident in their ability to preserve through tough times, resilient
108
what is intrapreneurship ?
an employee within a business being innovative to create a new product/ process, without taking on financial risk of failure
109
types of intrapreneurship - new product idea
creating new products/ adding new USP's to existing ones
110
types of intrapreneurship - reduce costs
streamlining production, reducing waste/ costs of production
111
types of intrapreneurship - improved morale
job satisfaction increases as staff feel their input is valued
112
methods to promote intrapreneurship - allocate resources
give funding for R&D, reduce workload to facilitate time
113
methods to promote intrapreneurship - incentivize ideas
offer bonuses, profit sharing for new ideas
114
methods to promote intrapreneurship - use teamwork
brainstorming, cross- departmental teams, shared responsibility
115
methods to promote intrapreneurship - train staff
provide training for managers ( to lead change ) & employees
116
what is leading ?
the ability to influence staff to follow strategies that meet the company's aims, using directing and delegating
117
what is delegation - definition
superior passes down authority of a task to a subordinate to complete, the accountability for the task is also given to subordinate
118
what is delegation - benefits
frees up manager for strategic planning - less overload
shows trust - staff become more motivated
better decisions - workers close to customer make decisions
employees gain experience/ skill - become management material
119
what is delegation - implications of not delegating
manager overworked/stressed; employees don't feel trusted- may lead to low morale/ high turnover ; employees don't develop
120
leadership styles - autocratic
keep control, don't consult, use bribes/ threats/ money to motivate
should be used during a crisis (quick decisions needed), workers that have low job attachment
121
leadership styles - democratic
seek opinions/ feedback ; consult in decision making ; delegate work
use by most businesses - creates a bond, inclusivity , teamwork helps
122
leadership styles - laissez faire
low supervision, allow employees to make decisions
used with creative employees that are very engaged with their profession
123
what is motivating ?
a manager energising and inspiring employees / towards a goal
124
implications of using McGregor theory X
-demotivated staff- feels workers dislike work so will be autocratic/ no delegation
-manager will become overloaded/ stressed/ can't prioritise ( wont delegate to staff)
-no intrapreneurship/ low quality of work, lack of incentives
