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business-unit 1

people in business

business any organisation set up to provide goods and services to its customers
entrepreneur individuals who think up new ideas,use their initiative to turn them into reality and personal and financial risk of running a business
investor invest money into a business
stakeholders people involved or affected by a businesses activities
employees Workers who bring range of skills and expertise to a business
employers recruit staff to work for them
producers the businesses that make products to sell to customers
suppliers businesses that supply the raw materials needed by the producer
managers are the people responsible for running the business and achieving its goals
Consumers are people who purchase goods from a business for their own use
Society both the local community where the business is located and to the wider society - nationally and globally
Government local and national authorities that set the rule and regulations by which businesses must operate
IBEC Irish Business and Employers Confederation
ISME Irish Small & Medium Enterprises
ICTU Irish Congress of Trade Unions
Competitive relationship Tends to pit one stakeholder against another. Win/lose situation.
Co-operative relationaship Both parties working towards shared goals for their mutual benefit. Win/ win.
Dynamic Relationship is a relationship that is in constant flux e.g. when employees earn a wage and spend it, they become consumers
trade union Trade Unions are organisations that represent the interests of employees in a business on issues concerning pay or conditions of employment.
Interest groups Pressure groups which promote interests of their members through lobbying, campaigning and protests.
Legislative solution Involves applying the provisions of a relevant law or agency set up by law to resolve an issue
Created by: hannahcampion
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