Short Questions Test Flashcards
Global business
Sees the world as one giant market and production location
Provides the same, undifferentiated product worldwide
Uses a global marketing strategy, which involves the same or sometimes adapted marketing mix to build a global brand
Multinational company
A business with a head office in one country and branches or factories in a number of other countries
Directive
A law that applies to all member states, and must be implemented within a specified time limit
It is binding only as to the results to be achieved, leaving member states to choose (within limits) the means by which targets are achieved
Regulation
A binding legislative act introduced and enforced in the same way across all EU member states
EU regulations take precedence over national laws and are implemented immediately
Recommendation
EU recommendations are not legally binding but give EU institutions the opportunity to make their views known in particular issues or concerns
Decision
Can be given to individuals, businesses and member states
These decisions can be made by the council of the European Union and the European Commission
Eu policies
Major programmes that are designed to help specific categories of people in the EU
eg
Common agriculture policy
Common fisheries policy
EU commission
Day to day management of EU propose new laws Enforce EU laws Represent EU internationally Formulates and monitors the EU budget
EU institutions
European commission European Parliament Council of European Union European court of auditors European council
European Parliament
Directly elected EU institution, elections for MEPs every 5 years
Passing laws
Supervisory powers
Prep and approval of budget
Council of European Union
Main decision making body Made up of ministers Decides which policies to adopt Controls budget Co ordinates national policies
European court of auditors
Carries out random spot checks on various projects throughout EU
Prepares financial reports
Tries to eliminate wasting of funds and reduce levels of fraud
European council
Meeting of the heads of state four times a year in Brussels
No power to pass laws
Set goals and priorities
Benefits of EU membership
Removes customs duties and barriers to trade
Free movement of goods,services, finance, people
Economies of scale
Reduced dependence on domestic market
Advantages to Irish consumers of euro currency
European Central Bank regulates Irish banks
Foreign exchange
Increased tourism
Deregulation
Deregulation is the removal or reduction of government regulations
in a specific industry. The goals are to allow industries to operate businesses
more freely, make decisions efficiently, and remove corporate restrictions.
Challenges of EU membership
Increased competition Extra regulation Language and cultural differences Threats to Ireland’s corp tax Cost of distribution is high as Ireland is on edge of EU
trading bloc
a group of countries that organise a free trade area between themselves in order to reduce barriers to trade
they agree on a common set of tariffs on imports from outside the bloc
eg EU
arbitration
two parties in a dispute ask a neutral independent outsider (arbitrator) to investigate their dispute and make a ruling
decide in advance if they’re going to accept
must obey ruling if they do
conciliation
two parties in a dispute ask a neutral independent outsider (conciliator) to help solve the dispute
encourages both sides to talk
make a mutually accepted agreement
offers advice, not legally binding
tax credit
reduce the amount of tax you pay
granted based on your circumstances, eg disability tax credit, personal tax credit
