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business

unit 1 & unit 2

TermDefinition
service provider Are people or an organisation that provide support services to the public or business. finincal insatution, insurance Co. solictor, transport eg:upc, sky.
employer Is a person/organisation who hires people to work in return for a wage. they also have responsibilitys. the costs of being an employer include, wages, PRSI, insurance and facilites.
employee Employees are hired to do work needed to produce and sell goods. they also have rights and rersponsibilitys eg: to work in a safe and healthy workplace and to be punctual.
consumer Someone who buys goods for their own use and not for resale.
merchanatable quaility Resonable quaility considering the price paid.
nigociation This is a non-legislative method of resolving conflict between stakeholders. it is a process where both sides enter a series of decussions with offers and counter offer until they reach an agreement acceptable to both.
contract Is a legally binding agreement between two or more parties. itr can be oral, written or by conduct.it has to have seven elements to be a vaild contract. some contacts must be written eg: insurance policy and contract of employment
Warranty is a less important clause in the contact breaking a warranty does not end the contract eg: wedding band arrives an hour late to the wedding.
risk entrepreurs take a risk when setting up a business. they risk their money and and their reputation and there is a risk of the business failing.
euntreprenur an euntreprenur is a person who uses initiative to bring together all the resources needed to set up a business and bears the risk of loss if it should fail eg: cully and sully.
Created by: niamhflynn09
 

 



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