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business
units 1 and 2
| Term | Definition |
|---|---|
| stakeholders | are people who play a part in the operation of the business and are affected by its decision. |
| risk | are entrepeneur takes risks on the weather the business works or not |
| entreprenur | an entreprenur is a person who uses initiative to bring together all the resources needed to set up a business |
| producer | turns raw materials into finished products. |
| supplies | each business depends on suppliers to deliver these materials ar goods at the right time |
| service provider | every business need service provider |
| employer | an employer hires employees directs them to do work and pays them according to their agreed contract |
| industrial relations | this is the term used to describe the relations between the managment of a firm and its employers |
| trade union | is a body representing employees views with their employers union memebers elct a shop dteward to represent them in negotiations with the employers |
| shop steward | a shop steward is an elected representive of union member in the workplace |
| negotiation | negotiation is aprocess of barganing to try and come up with a mutually accepted agreement |
| go slow | workers stay in their jobs but slow down all opperation sometimes making it impossible for the business to carry out as the workers are still at work are entitled to pay |
| unofficial strike | no notice given to the to the employer no notice given by ictu ,no secret ballet held for workers organisations of unofficial strikes do not have legal protection against being sued by the employers |
| employee | emplyees ar hired to do work neede to produce and sell goods eg working in mccan and byrnes |
| agreement | this is a termination of a contract |
| breach | this is a way of terminating a contract |
| condition | this is a clause in a contract which os so impirtant that that breaking these clause is as bad as breaking a contract |
| warrenty | a warrenty is a less important clause. breaking a warrenty does not break the contract itself |
| specific performance | this is a remedy for breach of contract. this means asking a court to instruct the other party to carry out the contract as agreed. |
| shop steward | is an elected representative of union members in the workplace. |
| trade union | is a body representing employees views with their employers. union members elect a shop steward to represent them in negotiationswith the employers |
| conciliation | this is a non-legislative method of reslving conflict between stakeholders. it is a processwhere both sides enter series of discusions with offers and counter offer until they reach an agrement acceptable to both. |
| arbitration | this takes place when two disputing parties agree to call a third party whom they both trust. |
| offer | this means that one party makes an offer to another party. |
| contract | a legally binding agreement between two or more parties.it can be oral,writing,or conduct. |
| performance |
Created by:
nathanhopkins10
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