People in Business Flashcards
What is a commercial business
A commercial business produces and sells goods or services to make a profit. Example: Apple sells iPhones
What is a non commercial business
A non commercial business provides goods and services primarily to meet the needs of society rather than for profit. This includes charities and not for profit enterprises. Example: Saint Vincent DePaul fights poverty.
What is a stakeholder?
Stakeholders are all the various parties who have involvement in or are directly affected by the activities of a business. Examples: entrepreneurs or investors.
What is an entrepreneur
An entrepreneur is someone who has the initiative to set up a business in the hope of making a profit. They have combined factors of production into a business unit. To do this they take both financial and personal risks. Example: Pat McDonagh of Supermacs.
What is an investor?
An investor provides finance or capital required by the business. The investor expects a return on their investment, usually in the form of dividends or interest. Examples: shareholders, banks and state bodies
What is an employer
The employer of the business employs/hires workers in the production of goods and services.
What is a manager
A manager is responsible for the day to day running of the business including its employees, and for ensuring that it achieves its goals. Example: Dunnes stores employs cashiers, sales and delivery assistants and others to perform the various tasks needed. Dunnes stores employ almost 15,000 people.
What is an employee
An employee is an individual who works for an employer in the production of goods and services in return for a wage or salary. Example: J.P. McManus owns five star Adare Manor hotel in County Limerick and employs local people as chefs, waiters, receptionists and cleaners.
Customers and consumers
A customer is anyone who buys goods and services whether for their own use or for resale. A consumer is a type of customer, but one who buys goods and services for their own consumption or use.
What is an interest group
An interest group is any group representing stakeholders who share a common interest or goal. Its members are not democratically elected and cannot make or change laws. Interest groups aim to influence policy makers on decisions affecting their members through various actions (negotiation, lobbying, boycotting). Example: The Irish Farmers Association.
What is lobbying
Lobbying is an attempt to influence the opinions, actions or policies of people who make big decisions such as those on laws, taxes and how a country or industry is run.
What is a competitive relationship
When stakeholders are rivals or pursue an objective at the others expense, they have a competitive relationship. There is a mutually exclusive goal. There is a win - lose relationship.
What is a Co - Operative relationship
When stakeholders work together towards a common goal or objective, they have a co - operative relationship. They act in a way that benefits both parties. It is a mutually beneficial or win - win relationship
IFA
Irish farmers association
ITAA
Irish travel agents association
