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Business

Unit 1 & Unit 2

TermDefinition
stakeholders these are people who play a part in the operation of the business e.g entrepeneur
risk is something that entrepeneurs take when investing in a business and if it should failthey bare the loss
entrepeneur someone 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 e.g cully & sully
producer is someone that turns raw materials into finished products e.g glanbia turns milk into yoghurt
supplier provides raw materials needed for producers. they compete for contracts
service provider people or an organisation that provide support services to the public or business e.g oz
employer is a person or organisation who hires people to work in return for a wage e.g mccan and byrne
employee employees are hired to do work needed to produce and sell goods e.g worker in mccan & byrne
offer one party makes an offer to another party. it may be oral or written or by conduct . The offer is legally binding if accepted by the offeree
consent to contract each party must give real agreement to the contract. pressure cannot be put on a person to enter a contract
negotiation this is a non legitative method of resolving conflict between stakeholders . both sides enter a series of discussions with offers and counter offers until they reach an agreement acceptable to both
conciliation a non legislative method of resolving conflict between stakeholders. a 3rd party is invited to investigate and listen to both sides of the story. helps both party with a solution e.g factory worker & employer in conflict might ask politician to conciliati
Created by: harrismann420
 

 



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