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bussiness

unit 1,2

TermDefinition
stakeholders the people who play a part in the operation of the business and are affected by its decisions eg investors
risk the entrepreneur takes many risks of the bussiness failing and the risk of lossing all there money and reputation
entrepreneur an entrepreneur is a person who uses initative to bring together all the resources needed to set up a business and bears the risk of loss if it should fail eg Colly and Sully
producer the producer turns raw materials into finished products and they enter contracts with suppliers eg glan bia
supplier the supplier provides raw materials needed for producers and they compete with each other eg dairy farmer
service provider service providers provide esental services to a bussiness eg esb gives electricity
employer an employer is a person or organisation who hires people to work iin return for wage they have responsibilites such as to provide a suitable working conditins eg jim bird centera
employee employees are hired to do work need to produce or sell goods they have to be punctual for work but they also have a right to a clean and safe workplace eg a teacher
customer a customer is anyone who buys goods either for there consumption or resale
consumer a consumer is someone who buys a good or service for there own use and not for resale
commercial bussiness a commercial bussiness is any bussiness that is set up with the intention of making profit
non-commercial business a non-commercial busines is a bussiness that has no intention of making a profit eg charities trocare
owners capital provided bu individual people or by organisations. they become part owner of the bussiness and are entitled to part of the profits made
loan capital provided mainly by banks this money has to be repaid within a certain amount of time with interest
grants a grant is money given uisually by an agency of the government which does not have to be repaid once the conditions are fulfiled
interest groups their activities are public protests or public campaigns apply pressure to acheive the results they desire eg the irish farmers association (I.F.A)
trade associations a trade association represents bussinessses which are in the same trade e.g. the ifa is in constant discussion with the government
lobbying trying to persuade the decisio-maker through an organised campaigns usually involving disscussions at which the organisation views are put forwrd
pressure groups a trade association represents bussinessses which are in the same trade e.g. the ifa is in constant discussion with the government
negociation this is a non-legislative method of resolving conflict between stakeholders it is a process where both sides enter a series of disscussion with offers and counter offers until they reach an agreement on both sides
conciliation this is a non-legislative way of resolving conflict between stakeholders a third party is invited to investigate the dispute and hear both sides of the argument they do not decide on a solution
arbitration this takes place when 2 disputing parties agree to call a third party whom they both trust. before the arbitration both parties must accept the decision of the arbitrator. this can be legislative
contract a legally binding agreement between 2 or more parties it can be oral written or by conduct it has to have 7 elements to be a valid contract some contracts must be written eg insurance policy
offer this means that one party makes an offer to another party. it may be oral written or by conduct. the offer is legalyy binding if it is accepted by the offeree
invitation to treat an invitation to treat is an invitation by the shop to the consumer to make an offer. it is not an offer. eg dress in a shop window
consent to contract each party must give real agreement to the contract .pressure cannot be put on a person to enter a contract
consideration each party to a contract must give something of value eg customer gives money to shopkeeper in return for groceries
capacity to contract persons under the age of 18, person insane or drunk cannot enter into a contract a company cannot enter into a contract either if it has it in its memorandom of association eg a manufaturer of shoes cannot decide to start manufacturing furniture.
performance a way of ending a contract where both partiesdo what they are contracted to do eg a building contractor builds a house as agreed and the consumer pays the money
frustration a way of ending a contract where something happens so it is impossible to complete the contract eg death
agreement a way of ending a contract where all parties agree to end the contract eg couple cancels the cake they ordered for the weeding
breach away of ending a contract where one party breaks a condition of the contract eg weeding cake is delivered the day after does not have to be paid for
condition a condition is a claus in a contract where if broken ends the contract
warinty a warinty is a less important claus. breaking this does not end the contract eg if the band for the weeding reception arives a half hour late
specific performance if someone seeks specific performance mean asking a court to instruct the other party to go through with the contract is agreed it is a remedie for breach of contract
good a good is something tangible can be seen and is usually consumed immediately eg food or furniture
service a service is something that is done for you by a person or machine eg service on a car
merchantable quality this means that the goods should be of resonable qua
fit for purpose this means that the good should do what it is meant for eg a washing machine must be able to wash clothes
as described thie goods should be the same as the seller said eg a jaket that says its waterproof should be water proof
redress redress means what people are entitled to if they are denied there rights eg if someone buys an ipod that the next day it stops playing music is entitled to a refund repair or replacement
guarantee huarantees may offer additional rights to a consumer but cannot reduce the customers statatory rights in any way
unsolicited goods where goods are sent to people who have not ordered them and a bill is sent requesting payment the consumer does not have to pay
credit note when someone reurns an item they may be offered a credit note it has the value of the item on it and can be used to buy someething in the same shop for the same value. NOT a refund
small claims court it provides an inexpensive and easy way for consumers to resolve disputes without the need for a solicitor. it cost 15euro but the charge cannot go over 2000euro
caveat emptor in practice this means that the consumers should act reasonable and sensibly when making purchasing decisions and examine goods carefully before they buy
industriall relations the term used to describe the relations between the managment of a firm and its employees it is good employes are well motivated but if there poor productivity will be low
trade unions a body representing employees in negociation with there employers eg ASTI
shopsteward the shopsteward represents the employees in negociation with the employer it is elected by union members in the workplace
work to rule is where workers only carry out the work specified in their contract
official strike is a complete withdrawl of labour the union has to carry out a secret baled and it has to be confirmed by ICTU 7 days notice must be given
go slow workers stay in there jobs but slow down operations making it impossible for bussiness to carry on as ther workers are still at work they are entitled to pay
Created by: keithdonagh10