people in business Flashcards

1
Q

what is an entrepreneur

A

spots a gap, takes risks to make a profit

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2
Q

what is a investor

A

gives capital to fund a business for a return on their investment

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3
Q

what is a employer

A

hires employees to carry out work, paying them wages

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4
Q

what is a employee

A

is paid wages to carry out work for their employer

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5
Q

what is a manager

A

runs a business for the entrepreneur

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6
Q

what is a producer

A

manufactures goods from raw materials, combining the factors of production

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7
Q

what is a supplier

A

sells a business goods or raw materials

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8
Q

what is a service provider

A

offers a business services such as electricity, internet, legal , banking

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9
Q

what is a consumer

A

buys goods or services for their own consumption

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10
Q

what is the governments role

A

sets rules and laws, gets paid taxes, creates suitable climates for businesses

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11
Q

what is the role of a interest group

A

lobbies/ negotiates on behalf of a group with common interest

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12
Q

what is a competitive relationship

A

Win-Lose: one party benefits at the expense of another

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13
Q

what is a co-operative relationship

A

Win-Win: mutual benefit for both parties when working together

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14
Q

what is a agreement

A

offer and acceptance must exist: agreement of terms offered

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15
Q

what is a consideration

A

something of value must be exchanged between parties

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16
Q

what is legality of form

A

some contracts need to be in certain format
e.g house sale must be in written format

17
Q

what is consent to contract

A

party can’t be forced into an agreement through threats

18
Q

what is legality of purpose

A

legal ability to agree: can’t be bankrupt, insane persons, ultra vires

19
Q

what is intention to contract

A

awareness that the agreement is legal, not just local or domestic

20
Q

what is frustration

A

event occurs (e.g death) making contract impossible

21
Q

what is a performance

A

both side carry out contractual obligations

22
Q

what is agreement

A

parties decide to end contract early by mutual consent

23
Q

what is a breach of contract

A

party breaks an essential element (condition)

24
Q

what is specific performance

A

court orders party who broke the contract to fulfill the agreed terms of it

25
what is financial compensation
court orders guilty party to pay damages
26
what is a rescind contract
court orders parties to return to initial starting position
27
what are the 2 types of relationships that exist between shareholders
competitive and cooperative relationships
28
what is a contract
a formal agreement between two or more people that is enforceable by law
29
what are the elements in of a legal contract
1. agreement 2. consideration 3. legality of form 4. consent to contract 5. capacity to contract 6. legality of purpose 7. intention to contract
30
how can a contract be terminated
1. frustration 2. performance 3. agreement 4. breach
31
what is a condition
this is an essential element of a contract that if broken could lead to a breach of contract
32
what is a warranty
this is a smaller element of the contract that is considered nonessential and would not by itself lead to a breach of contract
33
what are remedies for a breach of contract
1. specific performance 2. financial performance 3. rescind the contract