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Business Studies

Unit 1 Chapter 1 People in business

TermDefinition
Consumer are users or purchasers of good and services for personal use
producer these are the manufactures and suppliers of goods and services
entrepeneur an individual or group of people who undertake the risk of establishing and running their own business
supplier someone who supplies goods to a shop// supermarket
investor entrepeneurs need capital to develop their ideas they contact one or more investors
employers these are individuals who employ people to work for them for wages
employee people who work for employers producing goods or providing a service
service provider provides a range of services for efficent operation of a business
fustration is someone who cant carry out a contract due to a illness or death or law change
intrest group is an organisation of people who come together and capaign for common goal by pressuring those who make decisions
offer is made when one person asks another to enter into a deal with him/her
acceptance means the other agreed persicely to all the terms of the deal without condutions
agreement a contract comes to the end of all parties voluntarily agreed so
performance contract ends when each person carries out exactly what was agreed
consideration is the payment that one person gives to the other as apart of an agreement
intention to conract meaning both parties to the agreement must mean it to be a legally binding contract
consent to contract for the contract to be valid both parties must be real, volutary and genuine to enter a contract
capacity to contract means that a person has legal right to make a legally binding contract
legality of form means certain contracts have to be drawn up a certain way if they are to be legal contracts
breach of contract means that one party to the contract fails to perfomrm it exactly as agreed
specific performance meaning the judge orders to the person who fail it to carry it out exactly as she/he promised
rescind to contract the judge orders that the contract is set aside untill the tweo people return to their exact position as agreed before the contract was started
Co- operative relationship where stakeholderswork together towards a common objective to everyones benfits
competitve relationship where stakeholders are pursing different objectives in an effort to achieve particular objectives at the expense of each other
dependent relationship the parties in business need eacht other in other in order to be sucessful. they rely on the other party to provide them with what they need so they they can be a sucess
dynamic relationship the relationship between the stakeholders in business is constantly changing
invtieation to treat invitation to entice a customer to buy good or service can be acccpeted or rejected by
Created by: ciaraagaffneyx