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Business Studies
Unit 1 Chapter 1 People in business
| Term | Definition |
|---|---|
| Consumer | are users or purchasers of good and services for personal use |
| producer | these are the manufactures and suppliers of goods and services |
| entrepeneur | an individual or group of people who undertake the risk of establishing and running their own business |
| supplier | someone who supplies goods to a shop// supermarket |
| investor | entrepeneurs need capital to develop their ideas they contact one or more investors |
| employers | these are individuals who employ people to work for them for wages |
| employee | people who work for employers producing goods or providing a service |
| service provider | provides a range of services for efficent operation of a business |
| fustration | is someone who cant carry out a contract due to a illness or death or law change |
| intrest group | is an organisation of people who come together and capaign for common goal by pressuring those who make decisions |
| offer | is made when one person asks another to enter into a deal with him/her |
| acceptance | means the other agreed persicely to all the terms of the deal without condutions |
| agreement | a contract comes to the end of all parties voluntarily agreed so |
| performance | contract ends when each person carries out exactly what was agreed |
| consideration | is the payment that one person gives to the other as apart of an agreement |
| intention to conract | meaning both parties to the agreement must mean it to be a legally binding contract |
| consent to contract | for the contract to be valid both parties must be real, volutary and genuine to enter a contract |
| capacity to contract | means that a person has legal right to make a legally binding contract |
| legality of form | means certain contracts have to be drawn up a certain way if they are to be legal contracts |
| breach of contract | means that one party to the contract fails to perfomrm it exactly as agreed |
| specific performance | meaning the judge orders to the person who fail it to carry it out exactly as she/he promised |
| rescind to contract | the judge orders that the contract is set aside untill the tweo people return to their exact position as agreed before the contract was started |
| Co- operative relationship | where stakeholderswork together towards a common objective to everyones benfits |
| competitve relationship | where stakeholders are pursing different objectives in an effort to achieve particular objectives at the expense of each other |
| dependent relationship | the parties in business need eacht other in other in order to be sucessful. they rely on the other party to provide them with what they need so they they can be a sucess |
| dynamic relationship | the relationship between the stakeholders in business is constantly changing |
| invtieation to treat | invitation to entice a customer to buy good or service can be acccpeted or rejected by |
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ciaraagaffneyx
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