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Business Chapter 1

Business A business is any organisation set up to provide goods and services.
Commercial business Commercial businesses are set up to make a profit for the owners.
Profits Profits are where a business takes in more money than it spends.
Non-commercial business Non-commercial businesses are set up to meet other needs rather than making a profit.
Stakeholders Stakeholders are the different groups of people that are directly affected by how a business is run.
Entrepreneurs Entrepreneurs are people who take initiative to turn an idea into a business.
Investors Investors are the people who provide a business with the finance it needs.The finance can come from Owners Capital,Loan Capital and Grants from the government.
Employers Employers are the people that recruit staff to work for them.
Employees Employees are recruited by businesses to assist in the business in return for a wage.
Mangers Mangers are the people who are responsible for running the business and achieving its goals.
Suppliers Suppliers are the businesses that supply the raw materials needed by the producer.
Producers Producers are the businesses that make products to sell to customers.
Customers/Consumers Customers purchase goods from a business for their own use OR for resale to others. Consumers purchase goods from businesses purely for their own use NOt for resale.
Society Society refers to the local area where the business is located in and national and global society.
Interest/Pressure groups Interest groups are organisations representing people (or stakeholders) who share a common interest or goal.
Business interest groups Business interest groups represent the interests of businesses.
Lobbying Lobbying refers to the deliberate effort by interest groups to influence decision-makers by promoting their point of view.
IBEC (Irish Business and employers confederation) IBEC is the main organisation representing large an medium sized businessess
Small firms association (SFA) SFA speaks for and advises small businesses.
ISME (Irish small and medium enterprises) ISME speaks for and advises small and medium enterprises,Independent from IBEC.
Chambers of commerce Chambers of commerce aim to protect and promote businesses located in the area.
Trade associations Trade associations are business interest groups that represent businesses involved in similar types of activities eg The Society of the Irish motor industry (SIMI).
Trade unions Trade Unions are organisations that represent the interests of employees in a business on issues concerning pay or conditions of employment.
ICTU (The Irish Congress of Trade Unions) ICTU represents the interests of all trade unions and their members nationally.
Competitive business relations
Co-operative business relations
Changing stakeholder roles over time
Changing stakeholder relationships over time
Non-Legislative ways to resolve conflict
Legislative ways to resolve conflict
Created by: Danny6263 on 2013-09-29

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