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Business
Unit 1 and 2
| Term | Definition |
|---|---|
| Customer | A customeris simply someone who buys something weather they useit or to re-sell it |
| Employer | The business itself is the employees directs them according to their agreed contract of employment |
| Negotiation | Is a process in which two sides which have conflicting demands work througha serious |
| Trade Association | A Trade Association represents a business which are in the same trade or line of business |
| Offer | This Means that one partymakes a proposal,which is legally binding if it is accepted unconditionally by the other party |
| Stakeholders | The peoplewho play a part in the operation of a business and are effected by it's decision are called stakeholders e.g Cully and Sully, Orla Kielly |
| Entrepreneurs | An Entrepreneur is a person whouses intiative to bring together all the resources needed to set up a business and bears the risk of loss if it should fail e.g Ryanair |
| Producer | A producer is like a farmer who would milk the cows and send the milk to Glambia so they can sell it in shops |
| Supplier | Each business depends on supplies to deliver these material or goods at the right time to a satisfactory quality and at the right price e.g Glambia |
| Service Provider | These service are vitally important for the business to operate efficiently. The business needs a good quality service delivered reliably at low cost e.g Eircom |
| Non-Legislative | Using methods which are not based on laws or on institutions which are set up under laws, For example, Discussing an issue and reaching an agreement |
| Legislative | Using the force of law, or some institution set up by law to resolve the conflict |
| Investors | Often, Entrepreneur will not have enough money to get the business established. So they have to convince investers to risk their money on the venture |
| Employees | Businesses employ people to do the work needed to produce or to sell the goods or services. In return the employees recieve wages and other benifits |
| Consumer | A Consumer is a person who buys a good or service fot their on use and not for re-sale |
| The Government | The Government is a stakeholder in business on behalf of the general public. |
| Interest group | Is an organisation which represents a particular group of people who have similar needs or objectives |
| Trade Association | This represents businesses which are in the same trade or line of business E.g Irish Farmers Association(IFA) |
| Contract | Is a legally binding agreement between two or more parties that is an agreement that a court will enforce |
| The Small Claims court | This is a quick, cheap and effective way of resolving a consumer dispute involving up to £2000. The consumer can bring the complaint to the District Court for a fee of just £15 |
| Breach | Is a way of ending a contract. One party breaks a condition in the contract. E.g A wedding cake can turn up the day after the wedding |
| Condition | Is a clause in a contract which is so important that breaking this clause is the same as breaking a contract |
| Warranty | A warranty is a less important clause. Breaking a warranty does not break a concract itself |
| Redress | Means what people are entitled to if denied their rights |
| Unsolicited goods | Where goods are sent to people who have not ordered them and a bill is sent requesting payment for the goods |
| Arbration | It takes place when two disputing parties agree to call in a third party, who they both respect and trust |
| Frustration | Some events happens which makes it impossible to carry out the contract, for example, death of one party |
| Agreement | This is a way of terminating a contract. Each party agrees to end the contract e.g Couple cancels the cake they ordered for the wedding |
| Performance | A contract may be ended in number of ways e.g Performance each party does what there contracted to do |
| Capacity of a contract |
Created by:
bryansmyth10
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