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business
unit1/2
| Term | Definition |
|---|---|
| stakeholder | these are the people who play a part in the operation of the business e.g entrepreneur |
| risk | something that entrepreneurs take when investing in a business and if it should fail they bare the loss |
| entrepreneur | is a person who uses initiative to bring together all the resources nmeeded to set up a business e.g cully & sully |
| producer | is someone that turns raw materials into finished producrts e.g glanbia tirns milk into yogurt |
| supplier | it provides raw materials needed bny the producers. they compete for contracts e.g dairy farmers |
| service provider | are people or organisations that provide support services to the public or businesses e.g financial institutions |
| employer | is a person or organistaion that hires people to woprk in returm for a wage e.g mccann and byrne |
| employee | employee's are hired to do work needed to produce and sell goods e.g worker in mccann & byrne |
| negotiation | this is a non-legislative method of resolving conflict between stakeholders.it is a process where both sides enter a serious of discusions with offers and counter offers until they reach an agreement acceptable to both parties |
| concilation | this is a non-legislative methof of resolving conflct between stakeholders. a third party is invited to investigate the dispute and hear both sides of thee disagreement.the concilation does not decide on a solution but helps both parties to a reolution |
| arbitration | this takes place when two disputing parties agree to call a third party whom they both trustand agree to accept the decision of arbitratorr. this can be legislative if the third party is a judge e.g in the labour court |
| contract | a legally binding agreement between two or more parties .it can be oral(spoken),written or by conduct. it has to have 5 elemnts to be a valid contract .some contracts must be written e.g insurance policy,contract of employement |
| offer | this means one party makes an offer to another party it may be oral,written or by coduct. this 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. it is not an offer e.g dress on mcelhinneys window is considering to be an invitation to treat not an offer |
| consideration | each party to the contract must give something of value e.g customer gives shop keeper money in return for groceries |
| consent to contract | each party must give real agreement to the contract. pressure cannot be put on a person to eneter a contract |
| industrial relation | this is the term used to describe the relation between the management of a firm and its employer ->if industrial relations are good employees will be well motivated and as a result morale and productivity will be high, low staff turnover |
| trade union | is a body representing employees views with their employers. union members elect a shop steward to represent them in negotiations with the employers |
| shop steward | a shop steward is an elected representative of union members in the workplace. he/she acts as a communication between members and theur unions |
| work to rule | workers only carry ouy the work specified in their contract.they follow their contract excatly. they do not do any extra work |
| official strike | it is a complete withdrawl of labour. workers are entitled to strike pay.unionn has to carry out a secret ballot to get workers approved to go on a strikehas to be confirmed by the ICTU.7 days notice must be given to the employer |
| go slow | workers stay in their jobs but slow down all operations .sometimes making it impossible for the business to carry on. as the workers are still at work the are entitld to pay |
| unofficial strike | no notice given to the employer no notice/approval given by ICTU, no secret ballot held for workers,orgainsers of unofficia strikes do not have legal protection against being sued by the employer |
Created by:
helena_patton
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