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Keywords
Unit 1
Term | Definition |
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Agreement | An essential element of a valid contract. It consist of offer and acceptance. |
Arbitration | A procedure for settling an industrial dispute where a neutral third party makes a recommendation which is usually binding on all parties to the dispute. |
Capacity to Contract | The ability and authority to make a contract. All persons have full capacity to enter into legally binding contracts with the exception of minors and persons of unsound mind. |
Conciliation | An independent third party assists parties in dispute to resolve their differences. He or she listens to the views of both parties, looks for possible common ground, then encourages both sides to meet and settle the dispute through continued negotiation. |
Consideration | Something of value offered by a party to a contract in exchange for something of value received. It usually takes the form of a monetary payment in exchange for goods and services received. |
Co-operation | Two or more parties co-operate with each other for their mutual benefit and work towards a common goal. |
Consumer | A person who purchases a product or service to satisfy a personal consumption need. They are the end users of goods and services. |
Entrepreneurs | A person who undertakes the risk of establishing and running a new business. They have a flair for seeking out business opportunities. |
Human Relations | The social relationship between all the parties in business; employers, employees, producers, suppliers, etc. The success of the enterprise depend on the extent of the trust in the relationship between the parties. |
Industrial Relations | The whole range of relationships that exist between employers, employees, trade unions and management in an organization. Covers all types of employee management discussions, communications and consultations. |
Investors | Provide finance to start up and develop a business. Investors can be shareholders, banks or government agencies. They want safety of capital and a good return on their investment. |
Negotiation | A term used to describe discussions and bargaining between two or more parties aimed at reaching agreement acceptable to both sides. In IR it is common for management to meet with trade unions to negotiate over pay and working conditions. |
Producer | A business engaged in transferring a raw material into finished product to sell to consumers by combining the use of raw materials, machinery, labour and capital. |
Service Industry | Provides services to business and individuals. The providers of these services are included in the tertiary sector of the economy. |