Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Tertiary (services) sector

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Manufacturing industry

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Agribusiness

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Private limited company

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Form A1

A

the application form to incorporate a private limited company

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Initial public offering (IPO)

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Privitisation

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Code of ethics
a set of guidelines or written statemnet drawn up by the business that sets out how the business and staff are expected to behave
26
Business ethics
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
27
Corporate social responsibility (CSR)
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
28
Community development
the development of local areas and communities socially and economically through the efforts of local citizens and residents
29
Community development agencies
organsiations funded by the government that provide professional support to help the local community
30
SOLAS
a state-run agency that helps in job creation and training and gives advice on employment opportunities
31
Pobal
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
LEADER Programme
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
Local Action Groups (LAGs)
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
Area Partnership Companies (APCs)
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
The economy
how businesses, consumers and the government interact and trade with one another in producing and distributing goods and serivices in a country
36
Economic system
the way a government organises the factors of production andmanages how goods and services are distrubuted around a country
37
Centrally planned economy
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
Free market economy
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
Mixed economy
an economic system that combines central planning by government with free private and state enterprises eg Ireland
40
Economic cycle
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
Economic growth
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
Economic boom
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
Economic peak
the economy reaches its highest performance before key economic variables, such as employment begin to fall off
44
Economic recession
a period of negative economic growth that lasts for at least 2 quarters. A severe and long lasting recession can become a depression
45
Economic recovery
an economy regains and exceeds the peak employment and output levels previously achieved before a downturn
46
Economic variables/indicators
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
Inflation
an increase in the cost of living from one period to the next, measured using CPI
48
Infaltion rate
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
Consumer Price Index (CPI)
tracks the prices of a general basket of goods and servies eg bread, house rents and fuels
50
Interest
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
Interest rate
cost of borrowed money expressed as a percentage of the money borrowed
52
Exchange rate
the quantity of foreign currency given in exchange for one euro. It fluctuates constantly
53
Economic growth rate
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
Gross Domestic Product (GDP)
a measure of the value of goods and services produced within a country's borders
55
Gross national product GNP
a measure of the value of goods produced by citizens and businesses of a country
56
Unemployment rate
the percentage of the labour force that is out of work but actively seeking employment
57
Sustainable development
economic development that meets the needs of the current population without wasting resources for future generations or causing permanent harm to the environment
58
Environmental audits
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
Environmental Impact Assessment (EIA)
carried out by the planning authority and includes and assessment of the environmental impact statement (EIS) presented by the proposer of the development
60
Environmental protection agency (EPA)
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
Fiscal policy
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
Government bonds
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
Current expenditure
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
Capital expenditure
money spent by government departments on long term asses eg building anew school
65
Enterprise Ireland
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
Industrial Development Authority Ireland (IDA Ireland)
a state-owned agency responsible for the attraction and devoplment of foreign direct investments (FDI) in Ireland
67
Foreign Direct Investment (FDI)
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
Sustainable Energy Authority Ireland SEAI
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
Public Sector
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
Private sector
businesses and organisations set up by entrepreneurs and financed by private investors eg applegreen
71
Public-private partnerships PPPs
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
Labour Force
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
Privatisation
the sale of shares in state-owned enterprises to private investors eg Bord Gais
74
Nationalisation
the transfer of a private business to state ownership eg Anglo Irish Bank
75
4 ways the government creates a suitable environment for businesses
1. laws and regulations 2. taxation 3. government expenditure (fiscal policy) 4. state agencies and grants

Business (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions