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Chapter 1
People in business
| Question | Answer |
|---|---|
| What is a business | A business is an organisation that buys and sells good and services |
| What is a commercial business | A business that provides goods and services and aims to make a profit |
| What is a non commercial business | A business that helps people and the community but does not aim to make a profit eg. Trocaire |
| What is a stakeholder in business | Individuals and organisations that are affected by the actions,objectives and policies of a business |
| What is an entrepreneur | A person who spots a gap in the market and comes up with an idea that they can turn into a business |
| What is an investor | People or organisations that provide an entrepreneur with money needed to establish and operate the business |
| What are the different types of capital | Loan capital, grant, equity capital |
| What is an employer | A person who recruits staff to enable the organisation to carry out its business |
| What is an employee | A person who is recruited by the employer to work in the business in return for a wage/salary |
| What is a producer | Someone who takes raw materials and transforms them during the manufacturing process into finished goods |
| What is a consumer | A person who buy goods and services for their personal use |
| What is a manager | The person who is responsible for the day to day running of the business and assures that the firm achieves its goals |
| What is a supplier | Firms that provide raw materials to the business the supplier provides raw materials needed by the business to fulfil its orders |
| What is a service provider | A service that provides services needed by the business to operate successfully |
| What is the government | The body of people that govern the country it imposes taxes that are used to invest in infrastructure eg schools and health care |
| What is the local community | Individuals households and organisations that are located close to a business |
| What is an interest group | A group of people who meet and campaign for a common goal |
| What is a trade union | A group that represents the views and interests of employees in particular industries and aim to protect and improve there members pay and working condition |
| What are the different 4 relationships between stake holders | Co operative relationship, competitive relationship, dependant relationship dynamic relationship |
Created by:
Jamesperlin
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