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Business
Unit 1 & Unit 2
Term | Definition |
---|---|
employers | Hires employees directs them to do work and pays them accordingly to their agreed contract of employments.ie Bill Gates |
customer | A customer is simply someone who buys a product whether to uses it or to sell it |
consumer | Are the purchasers or users of goods and services supplied by firms .they try satisfy there wants by buying products and services that are of good quality. |
Commerial Business | A commerial Business is a profit making business.most business are commerial business .ie Dune stores |
Non commerial business | There are very few non commerial business . A non Commerial busines is a non profit making business.ie Fas |
Owners Capital | provided by indiviual people or by organisation like venture capital companies.they become part owners of the business and are entitled to part of any profit made |
Stakeholders | they are people who are directly involved with a business.they are vital for the running of a business.i.eInvestor Employee |
risk | An entrepreneur is a person who uses initiative to bring together the factors of production nd bears the risk of loss if it should fail.i.e |
Employee | Is a person who is directed a job by their employer.They do the work needed to produce and sell all goods or services |
Entrepeneur | Is aperson who uses initiative to bring together all the resources need to set up a business.no matter the risk.i.e Cully&Sully |
Stakeholders | The people who play a part in the operating of the business and are affected by its decisions are called stakeholders. i.e suppliers investors |
Producer | Turns raw materials into finished product.Theuy enter contract with supplier. i.eGlanbia |
Supplier | Each business depends on a supplier to deliver there material or goods at the right time . the suoolier in turn wants a satisfactory price for their goods .ie Glanbia |
Negotiation | This is an non legislatice method of resolving conflict between stakeholders.It is a process where both sides enter a series of dicussions with offers and counter offers until they reach an agreement acceptable to both. |
Concilation | This is an non legislative method of resolving conflict betwween Stakeholders.a third Party is invited |
Unoffical strike | No notice given to employer . No secret ballot held by workers. Unoffical strikes have no legal protection. |
Go slow | Workers stay in there job but slow down all operations sometimes making it imposible to run . workers still gone to work are entitled to pay. |
Offical strike | It is complete withdrawel of Labour . Workers are entiteled to strike pay.Union must carry out secret ballot to go on strike .ie Junior doctors on strike for unfair working hours |
Work to rule | Workers only carry out the work outlined in there contract.They follow there contracts exactly.No extra work.Ie barman not doing floor work. |
Shop Steward | Is an elected representitive of the trade union member in a workplace. They also recuits new members. They act as a communication link between the employees and management. |
Trade Union | It is a body repersenitive employees views with the employers. union members elect a shop steward to repersent them in negotiation with the employer.ie IFA |
Industrial Relations | Used to describe the relationship between |