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Business > Unit 6: The Domestic Environment > Flashcards

Unit 6: The Domestic Environment Flashcards

1
Q

Factors of production

A

all the resources people use to produce goods and services. Entrepreneurs combine the factors of land, labour, capital and enterprise to produce and sell goods and services

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2
Q

Primary sector

A

a sector based on the extraction from nature of raw materials such as fish, barley, wood, natural gas or metals. Industries such as mining, agriculture, forestry, fishing, and fuel extraction are part of the primary sector

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3
Q

Secondary sector

A

a sector that uses raw materials to make other things, i.e. through manufacturing and construction. INdustries such as food processing, pharmaceuticals, clothing, electronics and building are part of the secondary sector

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4
Q

Tertiary (services) sector

A

a sector that coers all services, including transport, retail and communications industries

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5
Q

Manufacturing industry

A

takes raw materials from the primary sector and processes them into finished products

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6
Q

Agribusiness

A

involves the manufacturing of agricultural products from raw materials such as livestock and crops to produce finsihed products

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7
Q

Unlimited liability

A

if a business fails or goes bankrupt, the owner will lose the amount they have invested in the business and are fully responsible for its debts. They can also be personally sued for the debts of the business

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8
Q

Deed of partnership

A

a formal written document containing details of the rights and obligations of each partner in the business. It can be a legally binding document (similar to a contract) between the partners and may be called upon in disputes or if the business is closing down

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9
Q

Private limited company

A

a business owned by investors called shareholders, who contribute finds to finance the business

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10
Q

Company limited by shares (LTD)

A

a type of private limited company that has a minimum of one director, 1-149 shareholders, does not hold and AGM and has limited liability eg Carphone Warehouse Ltd

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11
Q

Designated Activity Company (DAC)

A

a type of private limited company that has a minimum of 2 directors, unlimited members, must hold an AGM and has limited liability eg Ark Life Assurance DAC

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12
Q

Company Limited BY Guarantee (CLG)

A

a type ofprivate limited company that has a mimimum of 2 directors, unlimited members, must hold an AGM and has limited liability eg Ardmore Pattern Festival CLG

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13
Q

Unlimited Company (UC)

A

a type of private limited company rhat has a mimimum of 2 directors, inlimited shareholders, must hold an AGM of 2 or more shareholders and has unlimited liability eg Butlers Chocolates UC

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14
Q

Form A1

A

the application form to incorporate a private limited company

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15
Q

Constitution (for Ltd)

A

a formal document that sets out the name of the company, states it is a company limited by shares and any other regulations the company wishes to include

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16
Q

Memorandum of Association (for DAC, CLG, UC)

A

a formal document that states the company name, main objectives of the company and details of the share structure and type of liability. It must be submitted along with the articles of association

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17
Q

Articles of Association (for DAC, CLG, UC)

A

a formal document that sets out the internal rules for running the company eg notice of meetings, how long meetings are run, voting at meetings, company closure. It must be submitted along with the memorandum of association

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18
Q

Certificate of Incorporation

A

a legal document issued by the CRO once all documents have been submitted and verified. ONce this is received the company can begin trading

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19
Q

State-owned enterprise

A

a business owned, financed and controlled by the government eg RTÉ, An Post. They are also referred to as semi-state or state-sponsored bodies

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20
Q

Public limited company (plc)

A

a company listed on the stock exchange, where shares can be bought or sold by the general public eg Kerry Group plc

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21
Q

Initial public offering (IPO)

A

a company’s first sale of shares to the public on the stock exchange. AKA ‘going public’

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22
Q

Privitisation

A

the sale of shares in a state-owned enterprise to private investors eg Aer Lingus

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23
Q

Indigenous firm

A

A business that has been established and is owned by Irish people and produces goods and services in Ireland eg Supermacs

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24
Q

Transnational Company (TNC)

A

a business that has headquarters in one country and branches in other countries. It treats the world as a single marketplace and may move operations from one country to another in response to changing market conditions

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25
Q

Code of ethics

A

a set of guidelines or written statemnet drawn up by the business that sets out how the business and staff are expected to behave

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26
Q

Business ethics

A

a set of moral rules and standards that provide guidelines for right and honest behaviour in business sitautions with all stakeholders. Business ethics is concerned with right and wrong, fairness and honesty, and respect in a business context

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27
Q

Corporate social responsibility (CSR)

A

the obligation of a business to act ethically in its interaction with its various stakeholders and the wider community alike. All business practice should be guided by principles of honesty, equity, transparency, and environemental consciousness

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28
Q

Community development

A

the development of local areas and communities socially and economically through the efforts of local citizens and residents

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29
Q

Community development agencies

A

organsiations funded by the government that provide professional support to help the local community

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30
Q

SOLAS

A

a state-run agency that helps in job creation and training and gives advice on employment opportunities

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31
Q

Pobal

A

works on behalf of the government to support communities and local agencies in areas of social inclusion, early childhood care and education, community development, peace and reconciliation, equality, labour market supports, and education and training

32
Q

LEADER Programme

A

provides rural communities with the resources to enable local partners to actively engage and direct the development of their local area through community-led local development

33
Q

Local Action Groups (LAGs)

A

groups made up of local representatives from the community, public and private sector. Each LAG is responsible for selecting and awarding LEADER funding to projects within their area

34
Q

Area Partnership Companies (APCs)

A

consist of representatives from the business comunity, state agencies and community groups, and were established to tackle growing unemployment in specific areas of the country

35
Q

The economy

A

how businesses, consumers and the government interact and trade with one another in producing and distributing goods and serivices in a country

36
Q

Economic system

A

the way a government organises the factors of production andmanages how goods and services are distrubuted around a country

37
Q

Centrally planned economy

A

an economic system in which the government makes most or all decisions regarding the makinf and distribution of goods and services eg, North Korea, Cuba

38
Q

Free market economy

A

an economic system based on supply and demand with little govenrmnet control, where private business is free to trade provided it operates within the law eg USA

39
Q

Mixed economy

A

an economic system that combines central planning by government with free private and state enterprises eg Ireland

40
Q

Economic cycle

A

a pattern of growth and decline in a national economy, measured by the GDP and featuring the stages of growth, peak, recession and recovery

41
Q

Economic growth

A

an increase in the production of goods and services in a country over time, as measured in GDP. A period of rapid and sustained growth can become an economic boom

42
Q

Economic boom

A

a period of outstanding economic growth or expansion, characterisesd by fast ecnomic growth and rising employment, wages and profits, where demand and supply are high

43
Q

Economic peak

A

the economy reaches its highest performance before key economic variables, such as employment begin to fall off

44
Q

Economic recession

A

a period of negative economic growth that lasts for at least 2 quarters. A severe and long lasting recession can become a depression

45
Q

Economic recovery

A

an economy regains and exceeds the peak employment and output levels previously achieved before a downturn

46
Q

Economic variables/indicators

A

key measuremnets to asses how an economy is doing, such as inflation, interest and exchange rates, economic growth and employment. Each is prone to change and affects the economy business and consumers

47
Q

Inflation

A

an increase in the cost of living from one period to the next, measured using CPI

48
Q

Infaltion rate

A

a sustained percentage increase in the general level of prices of goods and services in an economy over time. It is measured by the consumer price index

49
Q

Consumer Price Index (CPI)

A

tracks the prices of a general basket of goods and servies eg bread, house rents and fuels

50
Q

Interest

A

the price paid by a borrowe to a lender for the use of money or a reward on savings and investments from banks and other financial institutions

51
Q

Interest rate

A

cost of borrowed money expressed as a percentage of the money borrowed

52
Q

Exchange rate

A

the quantity of foreign currency given in exchange for one euro. It fluctuates constantly

53
Q

Economic growth rate

A

the rate of growth of a country’s output of goods and services over time. It is a percentage measure of the changes in the GNP and GDP

54
Q

Gross Domestic Product (GDP)

A

a measure of the value of goods and services produced within a country’s borders

55
Q

Gross national product GNP

A

a measure of the value of goods produced by citizens and businesses of a country

56
Q

Unemployment rate

A

the percentage of the labour force that is out of work but actively seeking employment

57
Q

Sustainable development

A

economic development that meets the needs of the current population without wasting resources for future generations or causing permanent harm to the environment

58
Q

Environmental audits

A

studies to assess the impact of a business or project on the environment. They focus on what is produced, how it is prodced and how it is marketed and disposed of

59
Q

Environmental Impact Assessment (EIA)

A

carried out by the planning authority and includes and assessment of the environmental impact statement (EIS) presented by the proposer of the development

60
Q

Environmental protection agency (EPA)

A

responsible for protecting and improving the environment of Ireland. Its functions are environmental planning, education and guidance, monitoring, analysing and reporting on the environment and regulating Ireland’s carbon emissions

61
Q

Fiscal policy

A

the governments way of raising money and prioritise spending to influence the country’s economy. The government gets its income from many different areas, eg grants, tax revenue and government bonds

62
Q

Government bonds

A

a way for the government to borrow money. In return the government offers the bondholder a bond and promises to repay the value of the bond when it matures. It also promises to pay a specific rate of interest on the amount of money invested

63
Q

Current expenditure

A

money spent by the government departments on the day-to-day running of the country eg social welfare payments, wages of public servants and transport

64
Q

Capital expenditure

A

money spent by government departments on long term asses eg building anew school

65
Q

Enterprise Ireland

A

a state-owned economic development agency responsible for developing indegenous Irish business with ten or more employees that want to grow their export sales

66
Q

Industrial Development Authority Ireland (IDA Ireland)

A

a state-owned agency responsible for the attraction and devoplment of foreign direct investments (FDI) in Ireland

67
Q

Foreign Direct Investment (FDI)

A

when a company owns and runs another company in a different country eg Boston Scientific is US company by has operations in Galway, Cork and Clonmel

68
Q

Sustainable Energy Authority Ireland SEAI

A

Ireland’s national sustainable energy authoruty. It offers various grants to help homeowners, business owners, communities and large industry to reduce their energy costs and carbon emissions

69
Q

Public Sector

A

businesses and organisations financed and run by the state, including the ares of education, defece, health, local authorities, state owned enterprises and state agencies

70
Q

Private sector

A

businesses and organisations set up by entrepreneurs and financed by private investors eg applegreen

71
Q

Public-private partnerships PPPs

A

partnerships between the public and private sectors for the purpose of delivering a project or service that traditionally would have been providede by the public sector alone, eg, infrastructure projects such as motorways and schools

72
Q

Labour Force

A

the part of the population that is employed or available for employment ie the total population of the country minusthose under 18 and over 65, those not working because of illness or disability, full time students etc

73
Q

Privatisation

A

the sale of shares in state-owned enterprises to private investors eg Bord Gais

74
Q

Nationalisation

A

the transfer of a private business to state ownership eg Anglo Irish Bank

75
Q

4 ways the government creates a suitable environment for businesses

A
  1. laws and regulations
  2. taxation
  3. government expenditure (fiscal policy)
  4. state agencies and grants

Business (5 decks)

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