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Business
Business Chapter 1
| Term | Definition |
|---|---|
| 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 | |
| Conflict | |
| Non-Legislative ways to resolve conflict | |
| Negotiation | |
| Legislative ways to resolve conflict |
Created by:
Danny6263
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