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Business #1
| Term | Definition |
|---|---|
| Work | is any activity that requires work, either physical or mental. |
| Employment | is any work undertaken for profit. |
| Employee | a person employed in paid work. |
| Employer | an organisation or a person that pays the employees. |
| Unemployment | when a person is available for work but doesn't have one. |
| Self-employment | refers to people who work for themselves rather than being employed for anybody else. |
| Volunteer | a person who works for an organisation but doesn't get paid. |
| Sole traders | people who are self-employed and own their small businesses. |
| Partnerships | when two people or more (up to 20) are in business together in order to share both running business and profits |
| Companies | businesses owned by investors (shareholders). They are registered in CRO. |
| Co-operatives | businesses democratically owned by members, who may be workers, suppliers or customers. |
| Public sector organisation | are owned by the state on behalf of the citizens and provide goods and services. |
| Charities | enterprises set up to provide a service but not profit. |
| National minimum wage | is lowest pay per hour an adult can be paid, lower pay is illegal. |
| Outsourcing | when a business reduces its own staff numbers and pays outside firms to do work. |
| Downsizing | reducing number of employees to reduce costs. |
| E-working | working at home for at least part of the week and using Internet to communicate. |
| Transferable skills | useful skills that you can take from one job to another. |
Created by:
Basileus
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