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Business > U1 Ch.1-3 > Flashcards

U1 Ch.1-3 Flashcards

1
Q

Business stakeholders

A

1.Entrepreneur
2.Investor
3.Employer
4.Employee
5.Producer
6.Consumer
7.Manager
8.Supplier
9.Service Provider
10.Government
11.Local Community

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2
Q

Entrepreneur

A

spots gap in market. Comes up with idea. Takes financial and personal risks. Hope to earn profit

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3
Q

Investor

A

provide capital to establish and operate business

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4
Q

Employer

A

recruits staff. Responsible for safe conditions and paying

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5
Q

Employee

A

recruited to work in return for wage/salary. Have skills and qualifications to operate in the business

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6
Q

Producer

A

takes raw materials. Transforms them into finished products during manufacturing

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7
Q

Consumer

A

buy goods/services for personal use to satisfy their needs. Entrepreneur researches their likes/dislikes

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8
Q

Manager

A

responsible for daily running and achieving goals. Use skills to manage employees

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9
Q

Supplier

A

provide raw materials needed to fulfil business orders

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10
Q

Service Provider

A

provides services to operate business. Usually in services(tertiary) sector

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11
Q

Government

A

body governing country. Impose taxes used to invest in infrastructure. Some agencies offer support to businesses

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12
Q

Local Community

A

individuals and organisations located close to business. Business should behave responsibly toward community

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13
Q

Types of capital provided by investors

A

Loan Capital
Grant
Equity Capital

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14
Q

Loan Capital

A

From lender. Money must be repaid with interest within period of time

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15
Q

Grant

A

Given by state agencies. Doesn’t have to be repaid as long as certain conditions are met

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16
Q

Equity Capital

A

Invested by individuals or other businesses. Become part-owners and are entitled to a share of profits(dividends)

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17
Q

Wage vs salary

A

Wage: based on hours worked
Salary: fixed payment regardless of hours

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18
Q

Interest Group

A

people who campaign for goal. More likely to be heard when they work together. Use boycotting + lobbying

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19
Q

Boycotting

A

refusal to buy goods to show dissatisfaction

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20
Q

Lobbying

A

attempting to influence decision makers. Its a function of interest groups who use petitions, seminars and info campaigns to do this.

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21
Q

Types of Interest groups

A
  1. Business Interest Groups: represent business owners [Ibec & ISME]
  2. Trade Associations: represent particular industry [SIMI]
  3. Other [Trade Unions & IFA]
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22
Q

Ibec

A

Irish Business and employers confederation

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23
Q

ISME

A

Irish Small and Medium Enterprises Association

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24
Q

SIMI

A

Society of the Irish Motor Industry

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25
Q

Trade Unions

A

represent and protect employees. Improve pay and conditions

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26
Q

IFA

A

Irish Farmers’ Association

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27
Q

Stakeholder Relationships

A
  1. Co-operative: common goal
  2. Competitive: different goal at expense of other
  3. Dependent: need each other
  4. Dynamic: constantly changing between other 2 or 3
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28
Q

Elements of a valid contract

A
  1. Agreement
  2. Intention to contract
  3. Capacity to Contract
  4. Consent to Contract
  5. Consideration
  6. Legality of Purpose
  7. Legality of Form
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29
Q

Agreement

A

Offer by one accepted by other (orally, written or by counduct)

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30
Q

By conduct

A

customer hands newspaper and money to sales assistant at checkout

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31
Q

Ways to terminate offer

A

1.revoked before accepted 2.rejected by other party 3.time limit is set and passes 4.Death of a party

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32
Q

Invitation to treat

A

a party expresses willingness to recieve offers. Not legally binding. Price tags are an example as even if customer offers advertised price the retailer can reject the offer

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33
Q

intention to contract

A

both parties intend to create a legally binding contract

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34
Q

Capacity to contract

A

all parties can legally enter. So under 18s and the mentally incapacitated cannot.

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35
Q

Consent to contract

A

must enter voluntarily. No Threats

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36
Q

Consideration

A

each party must give something of value to other

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37
Q

Legality of purpose

A

must be for legal purposes

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38
Q

Legality of form

A

drawn up in correct legal format

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39
Q

Ways contracts can be terminated

A

1.Performance
2.Agreement
3.Frustration
4.Breach of Contract

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40
Q

Performance

A

both parties complete their side

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41
Q

Agreement

A

both parties agree to terminate contract prematurely

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42
Q

Frustration

A

unforeseen events prevent contract completion (bankruptcy/death)

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43
Q

Breach of contract

A

when one party fails to fulfil their obligations laid out in the contract. May be a condition(essential) or warranty(non essential).
1.Condition breaking ends immediately and can be brought to court for remedy. 2. Breaking warranties doesn’t end contracts but entitles the innocent party to claim damages(compensation)

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44
Q

Warranty

A

non-essential element of contract. Can be broken but compensation may be necessary for other party

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45
Q

Remedies for Breach of Contract

A

When conditions are broken, other party can take the case to court and judge can decide either
1.Compensation
2.Rescind the Contract
3.Specific Performance

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46
Q

Compensation

A

judge orders money payed to other party

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47
Q

Rescind the contract

A

judge cancels contract and restores parties to their position prior to the breach, essentially undoing anything caused by the contract.

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48
Q

Specific Performance

A

breaching party must complete their side of the deal

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49
Q

Non-legislative methods to resolve consumer conflict

A
  1. Negotation
  2. Writing a letter of complaint.
  3. Assistance from a third party
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50
Q
  1. Consumer Negotation
A

return with proof of purchase. Speak with manager. Outline how they’d like problem resolved. Retailer can accept or reject

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51
Q
  1. Letter of complaint
A

Outline problem. Explain desired solution. Attach proof of purchase

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52
Q
  1. Third Party Assistance
A

CAI [Consumers’ Association of Ireland] or ECC Ireland [European Consumer Centre Ireland]

53
Q

CAI

A

interest groups that increases awareness of consumer rights and lobbies for consumer legislation

54
Q

ECC Ireland

A

part of EU wide network of centres. Gives advice about EU consumer rights and helps settle disputes between Irish consumers and traders in other EU countries

55
Q

Legislative methods for resolving consumer conflict

A
  1. Sale of Goods and Supply of Services Act 1980
  2. Consumer Protection Act 2007
  3. Competition and Consumer Protection Commission [CCPC]
  4. Ombudsman
  5. Small Claims Procedure
56
Q

Rights under Sale of Goods and Supply of Services Act 1980

A

A. Rights of Consumers when purchasing a good
B. Rights of consumers when purchasing a service
C. Remedies for Breach of the Act.
D. Retailer’s responsibility
E. Guarantees.
F. Second-hand goods.
G. Inertia selling/unsolicited goods

57
Q

Consumer rights for Goods

A

-Must be of Merchantable Quality.
-Must be fit for the purpose intended.
-Must be as described.
-Should match the sample shown

58
Q

Consumer rights for services

A

-Qualified service supplier.
-Provided with proper care and diligence.
-Materials used are fit for purpose.
-Goods provided as part of service should be of merchantable quality

59
Q

Merchantable Quality

A

Acceptable standard taking into account price and durability

60
Q

Remedies for Breaches of SGSS Act 1980

A

Repair. Replace. Refund

61
Q

Retailer’s Responsibility

A

-seller most resolve problems consumers have with goods.
-Cannot put up signs giving impression of limited rights such as No Refunds or Credit Notes Only

62
Q

Guarantees

A

states that faulty items will be repaired with certain time period. legally binding and must show:
-Goods Covered.
-Time Frame covered.
-Procedure for a claim

63
Q

Second-hand goods

A

must be fit for purpose but should not be expected to be of same quality as new goods

64
Q

Inertia Selling / Unsolicited Goods

A

sent to someone with demand for payment even though person did not order them. Illegal to demand payment under SGSS Act.

65
Q

When can consumer keep unsolcited goods without paying

A

-after six months seller hasn’t collected.
-30 days after consumer contacts seller in writing and provides address for collection and is not collected

66
Q

Consumer Protection Act 2007 covers

A

A. Misleading descriptions.
B. Aggressive Practices.
C. Prohibited Practices.
D. Price Display Regulations.
E. Price Controls

67
Q

Misleading Descriptions

A

withholding information and false claims about:
-country of origin
-quantity / weight
-materials / ingredients

68
Q

Aggressive Practices

A

Cannot harass or threaten consumers

69
Q

Prohibited Practices

A

includes:
-False claims that product cures. -Competition where it costs money to claim prizes.
-Falsely claiming business is closing

70
Q

Price Display Regulations

A

minister for jobs, Enterprise and innovation can require prices of certain products be displayed in a particular manner

71
Q

Price Controls

A

can be introduced in emergency situations when approved by government

72
Q

CCPC

A

A. Inform Consumers of Rights.
B. Investigate breaches of consumer law.
C. Advises Government.
D. Personal Finance Info and Education.
E. Enforce Product Safety Regulations

73
Q

Ombudsman

A

Free services for those that can’t resolve complaints with certain organisations. Court of last resort - Consumers must go through complaints process in relevant organisation before. Includes:
1. Financial Services and Pensions Ombudsman makes legally binding decisions for banks and pensions scheme operators.
2. The Office of the Ombudsman issues recommendations for public bodies like government departments

74
Q

Small Claims Procedure

A

-for claims up to €2000
-on faulty or poor quality goods and damage to property.
-Cheap(€25 fee)
-quick as no solicitor needed

75
Q

Small Claims Procedure Steps

A
  1. Application to local district court.
  2. Small Claims Registrar organises meeting and if unresolved is referred on to…
  3. District court. Judge listens to all witnesses and makes decision.
  4. Appeals can be made to Circuit Court within 14 days of judgement
76
Q

The Office of the Ombudsman

A

-Investigates complaint against public body
-will only investigate if all other routes exhausted
-can only investigate decisions you believe are unfair, delayed, not properly explained
-Can’t examine certain complaints(Clinical judgements/Job Applications/How prisons are run)
-Can only make recommendations not legally binding decisions

77
Q

Benefits of good industrial relations

A

-recruitment and retention.
-employee motivation.
-Intrapreneurship.
-More accepting of Change.
-Less Industrial Action

78
Q

Causes of Industrial Relations Conflict

A

-Pay.
-Conditions.
-Technology(belief inadequate training or redundancies).
-Redundancy.
-Unfair Dismissal of coworkers

79
Q

Pay Claims

A

1.Cost of living
2.Comparability.
3.Productivity.
4.Relativity

80
Q

Cost of Living Claim

A

keep up with inflation

81
Q

Comparability Claim

A

those doing similar work (e.g. in another store) got a pay raise

82
Q

Productivity Claim

A

increased workload or adapted to changes

83
Q

Relativity Claim

A

another group linked to worker gets an increase although they do different jobs(waiters get increase then chefs want one)

84
Q

Shop Steward

A

elected by trade union members in a workplace to represent them there. Supports members and helps resolve disputes. Also gives feedback to union on its members views

85
Q

Benefits of Trade Union for Employees

A
  1. Protects Rights.
  2. Info and support.
  3. Better pay + Conditions.
  4. ^ Awareness of issues to media
86
Q

Benefits of Trade Unions for Employers

A

-Faster Negotiations(w/steward not individuals).
-Introducing Change is easier through steward.
-Better Health and Safety

87
Q

ICTU

A

Irish Congress of Trade Unions. Umbrellla organisation for tu’s that represents their interests and negotiates with government on their behalf. Provides training and resolves disputes.

88
Q

Bargaining

A

Each party seeks to maximize its own interests through offers and counter offers. employees meet with managers to discuss issues like pay / conditions.
1. Individual Bar
2. Collective Bar
3. National Collective Bar(Social Partnership) - [social partners negotiate on national level]

89
Q

Social Partners

A

groups that work with government to achieve goal which benefits all involved

90
Q

Legal Industrial action

A
  1. Official Strike.
  2. All-out strike.
  3. Work to rule.
  4. Token Stoppage.
  5. Overtime ban
91
Q

Illegal Industrial Action

A
  1. Unofficial Strike.
  2. Wildcat/lightning strike.
  3. Political Strike
92
Q

Official strike

A

employes refuse to perform work duties. Needs sb 1w and tu approval. Tu may give out strike pay

93
Q

All-out strike

A

all employees go on strike even those not involved in dispute. Needs sb 1w and ICTU approval

94
Q

Work to rule

A

only carry out duties in contract or job description

95
Q

Token stoppage

A

refuse to work for short period. Warning that more serious action may be taken

96
Q

Overtime ban

A

refuse to work overtime. Can pressure employers who have deadlines to meet

97
Q

Unofficial strike

A

don’t meet some requirements for official strike. Don’t get strike pay

98
Q

Wildcat/lightning strike

A

strike without warning

99
Q

Political strike

A

strike to protest government. Illegal because employers shouldn’t be punished for a government dispute

100
Q

Impact of industrial action on stakeholders

A
  1. employer(missed deadlines).
  2. investors(profits fall lower dividends).
  3. Employees(threat to job security).
  4. Consumers(unable to buy goods/services and may turn to competitors ).
  5. Government(reduce tax revenue)
101
Q

Non-legislative methods for resolving workplace conflict

A

1.Meeting and talking.
2.Negotiation.
3.Conciliation.
4.Mediation.
5.Arbitration

102
Q

Negotation

A

Process of bargaining with both parties giving offers and counter offers to resolve an issue. Goes on until a compromise that both find acceptable is reached.

103
Q

Conciliation

A

Conciliator tries to get both sides to come to agreement. Informal in process. Up to the parties to come up with a solution themselves but if they do it is not legally binding

104
Q

Mediation

A

mediator listens and presents own recommendations to resolve the conflict. He empowers them to come to an agreement themselves. Useful when both parties aren’t prepared to listen to each other any longer.

105
Q

Arbitration

A

arbitrator listens and makes non-legally binding decision on how problem should be solved

106
Q

Legislative methods for resolving workplace conflict

A
  1. Industrial Relations Act. 1990
  2. WRC
  3. Labour Court
  4. Unfair Dismissals Acts 1977-2015
  5. Employment Equality Acts 1998-2015
107
Q

Industrial Relations Act 1990

A

improves IR and helps resolve disputes. Features:
A. Trade Disputes
B. Secret Ballot
C. Minimum Notice
D. Picketing
E. Immunity

108
Q

A. Trade Disputes

A

any dispute between employers and employees connected with
1. employment/non-employment of person
2. terms+conditions of employment of any person
Outlines differences between legal and illegal trade disputes

109
Q

Legal Trade Disputes

A
  1. Pay and working conditions
  2. Discrimination against employee
  3. Dismissal of employee
110
Q

Illegal Trade Disputes

A
  1. Disagreement about how business is run
  2. Discontent about how government is running country
  3. Closed Shop Agreements(requiring employees join a specific TU)
111
Q

B. Secret Ballot

A

Requires TU members to conduct a confidential vote on whether to take industrial action

112
Q

C. Minimum Notice

A

Requires TU members to give employer at least 7 days notice before IA

113
Q

D. Picketing

A
  1. Primary picketing is outside own workplace walking outside carrying placards indicating they are taking strike action
  2. Secondary picketing is outside workplace of another employer. Only legal if employees believe this employer is helping their’s to break their strike action
114
Q

E. Immunity

A

Employer cannot sue the trade union or members for losses incurred due to official strike action. Must have followed legal requirements to be protected

115
Q

WRC

A

Workplace relations commission. Independent body provides IR services to employers and employees
A. Information - website
B. Advisory service - help business build good IR
C. Conciliation
D. Mediation - if successful, agreement is recorded in writing and legally binding
E. Adjudication Services - if mediation unsuccessful
F. Formulates Codes of practice

116
Q

WRC codes of practice

A

written rules for how people/organisations must act in particular situations

117
Q

WRC Adjudication Service

A

if mediation is unsuccessful adjudication officer investigates and makes a legally binding decision. Decisions can be appealed to the Labour Court

118
Q

Labour Court

A

court of last resort for IR. Not a court of law but an IR tribunal. Aims to resolve industrial disputes quickly, fairly and informally.
Functions are:
A. Investigates Disputes (issues decision. Can be appealed to high court)
B. Hears Appeals (of adjudication officer decisions. Issues binding judgement on case)
C. Establishes JLCs
D. Registers EROs
E. Interpretation of Codes of Practices (by WRC and investigates breaches)

119
Q

JLC

A

Joint Labour Committee. Set up for sectors with low TU membership. Made up of equal number of employer and employee representatives appointed by Labour Court and a chairperson. Sets minimum pay and working conditions.

120
Q

ERO

A

Employment Regulation Order. Drawn up by a JLC and fixes minimum rates of pay and conditions for certain industries. Adopted by Labour Court and becomes legally binding

121
Q

Unfair Dismissals Acts 1977-2015

A

Dismissal is when an employer removes and employee from their job. Prevents unfair dismissal for employee’s with one year’s continuous employment with employer. Under act, all dismissals are deemed unfair and burden of proof lies with employer.

122
Q

Fair dismissals reasons

A
  1. Redundancy (genuine redundancy situation like falling sales. Must be chosen fairly)
  2. Incompetence (don’t perform to standard)
  3. Qualifications
  4. Misconduct (can be number of minor incidents or gross misconduct can be instant dismissal)
  5. Legal reasons (if continuing would break the law)
123
Q

Procedure for fair dismissal

A
  1. Counsel Employee (informal outlines improvement and offers assistance)
  2. Verbal Warning (formal outlines timeline to achieve improvements)
  3. First written warning
  4. Final Written Warning (if no improvement within time may be suspended or dismissed)
  5. Suspension (with or w/o pay)
  6. Dismissal (performance not improved to standard despite training and support)
124
Q

Unfair Dismissal grounds

A

Age
Religious/Political Beliefs
Race
TU Membership
Pregnancy
Gender

125
Q

Redress for unfair dismissal

A
  1. Reinstatement - Job back. Pay from dismissal date. Entitled to any condition improvements from while they were dismissed
  2. Re-engagement - May get job back or alternative job provided by WRC. No back pay from dismissal date.
  3. Compensation - Up to 2 years salary if financial loss suffered. Up to 4 weeks salary if not.
126
Q

Constructive Dismissal

A

When an employee resigns due to employer’s conduct towards them. Feels working life is so difficult it is impossible to continue. Burden of proof lies with employee to show resignation was justified. Before resigning employee should have tried every other possibility to solve issue.

127
Q

Employment Equality Acts 1998 - 2015

A

prohibits discrimination in workplace. Applies to temporary, full and part time employees in public and private sectors. Discrimination is illegal under the 9 grounds:
1. Age
2. Gender
3. Disability
4. Sexual Orientation
5. Membership of Traveller Community
6. Family Status (parent)
7. Civil Status (single, married, divorced)
8. Race
9. Religious Beliefs

128
Q

How to resolve complaints of discrimination in the workplace

A
  1. Non Legislative:
    -Meet with management (outline complaint and try to solve)
  2. Legislative
    -Mediation (request mediation from WRC)
    -Adjudication(unsuccessful mediation referred to adjudication officer)

Business (8 decks)

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