Third Year Christmas Tests Flashcards
Name 2 ways that a culture enterprise play in society
Inspire other entrepreneurs: it can encourage other businesses to start a similar enterprise
Community: it brings people together and allows people to connect and form relationships and bonds
Name 1 law which protects consumers from false or misleading advertising
Consumer protection Act 2007
Define the term global company
Global company is a company who is known all over the whole world. They would have many branches in different countries and its headquarters would be in one. Eg,Googles headquarters is in California but has a branch in Dublin. They sell products all around the world and treated it as one big market.
Explain two challenges facing global companies such as Kelloggs
Language barriers: countries speak all different languages and trying to converse they could accidentally set a bad public image
Current issues: the delays of importing wheat from Ukraine leads to uncertainty,scarcity or delays in distribution
Define the term sustainable development
Sustainable development means to be able to meet their present needs without destroying the needs for future generations. Companies need to balance production against economic social and environmental needs for example recycling.
Outline two factors a new company should consider for deciding the price
Cost of production: the business should consider how much it cost to produce/manufacture their product
Stage in the product life cycle : products behind demand can cost more than ones in decline
Identify two benefits of membership of the European union for Ireland
EU social policy has improved the rights of workers by improving health and safety and setting minimum wage levels
Foreign direct investment: many foreign businesses have located their European headquarters in Ireland so that they can access the single European market
Discuss 2 roles that a social enterprise plays in society
Provide services: provide services and support their communities by meeting community needs that are not served by the state or by commercial enterprises.
Employment: while social enterprise often rely on the work of volunteers some help to create employment in their local communities.
What is interest
Interest is the reward given by a financial institution for saving money with them
Explain why low interest rate are good
Low interest rates encourage boring as there’s some of money to pay back will be lower
Explain two ways change in age profile will increase government expenditure
The government will have to invest more hospitals and medical equipment due to the greater demand on services
There will be a greater demand on pensions as more and more people will retire
Define the term industrial relations
Industrial relations refers to the relationship and exist between employees and their employers in a workspace
Outline two benefits of international trade for Irish businesses
Spread risk: a business can spread risk by not only relying on the Irish market
Increased profit: the Irish mortgage is quite small by exporting it will increase sales
What would be two advantages of PayPal for an employee?
It is environmentally friendly as there is no paper in involved and reduces carbon footprint.
It is safer than cash as it is guaranteed to go straight into a bank account and won’t get lost.
Explain one economic benefits of using solar panels as an alternative to burning fossil fuels
Cost savings: to get an installed solar panels is even cheaper than buying cold or oil so you can save your money