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busisness
unit 1 and unit 2
| Term | Definition |
|---|---|
| stake holders | the people who play a part in the operation of the business and are affected by its decisions are called stake holders |
| risk | an entrepeneur takes many risks in setting up a business they risk their money and reputation and a risk of the business failing |
| entrepeneur | a person who uses iniative to bring together all the resources needed to set up a business and bears the risk of loss if it should fail e.g. Tony Ryan |
| producer | turns raw materials into finished products e.g. glanbia turns milk into yogurt |
| supplier | provides raw materials for producers |
| service provider | are people or an organisation that provide support services to the public or business |
| employer | is a person or organisation who hires people to work in return for a waqe |
| employee | employees aare hard workers to produce and sell goods |
| negotiation | this is a non legislative method of resolving conflict between stakeholders. it is a process where both sides enter a series of discusiions with offers and counter offers until they come to an agreement |
| consiliation | this is a non ;egis;ative method of resolving conflict between stake holders. a third party is invitede to investigate the4 disput and hear both sides. helps bo0th parties come to a resolution. |
| arbitration | this takes place when 2 disputing parties agree to call a third party whom they both trust. bopth parties must agree to accept the decision made by the arbitrator. this can be legislative i9f thye third party is a judge |
| contract | a legally bindiing agreement between two or more partys. it can be oral written and by conduct |
| consumer | a consumer is a person who buys a good or service for their own use and not for re-sale |
| commercial business | they sell goods or services to earn profit |
| non-commercial business | they dont have profit as their main aim e.g. charities like concern |
| owners capital | provided 0by an individual-entitled to share of the profit. |
| loan capital | capital provided by banks |
| grants | uswually from the government e.g. enterprise ireland |
| offer | this means one party makes an offer to another party it may be oral written or by conduct. the offer is legally binding if accepted by the offeree |
| invitation to treat | an invitation to treat is an invitation by the shop for the consumer to make an offer e.g. dress on macelheneys |
Created by:
thementonator
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