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Leaving Cert Buisness > Chapter 1 People In A Buisness > Flashcards

Chapter 1 People In A Buisness Flashcards

1
Q

Entrepreneur

A
  • spots an opportunity in market
  • uses initiative
  • take a risk (financial and personal)
  • to make a profit
  • EG Mark Zuckerbourg
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2
Q

Investor

A
  • Put money into a buisness
  • they can lend money eg bank
  • give capital in return for shares (Equity Finance) Eg Alan Sugar, Donald Trump and Dragons Den
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3
Q

Stakeholders in a buisness

A 
1 Entrapenuer
2 Investor 
3 Employer 
4 Employee
5 Manager 
6 Producer
7 Consumer 
8 Service Provider 
9 Interest Group
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4
Q

Employer

A
  • Someone who hires people for work
  • As they cannot do all work themselves or don’t have certain skills essential for running a buisness
  • rewarded for work with money, bonuses and more holidays
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5
Q

Employee

A
  • Works for employer in return for a wage

- Carry out Essential tasks

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6
Q

Intrapenuers

A
  • Employees that give their employers ideas to make the buisness more successful
  • EG Microsoft employees came up with Xbox
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7
Q

Manager

A
  • run the buisness
  • makes sure buisness achieves objectives
  • Uses company resources in best possible way
  • Eg Michael O Leary Ryanair, Jose Mourinho
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8
Q

Producer

A
  • makes finished products to sell to consumers
  • take raw materials uses a manufacturing process to turn them into finished products
  • EG Tayto
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9
Q

Consumer

A
  • buys goods and services for personal profit

- provides entrepreneur with market research

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10
Q

Interest group

A
  • Come together and campaign for a common goal
    -pressure those who make decisions
  • by joining forces they have more money and more talent
    Eg Greanpeace
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11
Q

Cooperative

A
  • Same objective
  • Work together
  • help eachother achieve same goals
  • win win
  • EG Employees cooperate with employers and take voluntary pay cut
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12
Q

Relationships in a business

A

1Cooperative
2Competitive
3Dependant
4Dynamic

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13
Q

Competitive

A

-One party wants to be more successful
- win loss
- rivals
EG
-Ryanair vs Aer Lingus
-employees vs employers employees wants money employer wants more profit
-employee vs employee for promotion

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14
Q

Dependent

A
  • Need eachother to be successful
  • cannot achieve goals on there own
  • Rely on eachother
  • EG consumer and producer
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15
Q

Dependent

A
  • Need eachother to be successful
  • cannot achieve goals on there own
  • Rely on eachother
  • EG consumer and producer
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16
Q

Dynamic

A
  • constantly changing
  • sometimes competitive, sometimes cooperative
  • Eg restaurants compete with eachother all year but come together to organise a town fair which will benefit both
17
Q

Contracts
- to be Legally binding
-and enforced by law
MUST HAVE

A 
1 Offer
2 Acceptance
3 Consideration
4 Intention to Contract 
5 Capacity to Contract 
6 Consent to Contract 
7 Legalithy of Form
8 Legalithy of Purpose
18
Q

Service provider

A
  • Provides helpful services to an entrepreneur
  • In tertiary sector
  • jobs entrepreneurs can’t do
  • EG Accountant, Solicitor and Courier
19
Q

Offer

A
  • An offer is made when one person ask another to enter a deal
  • All terms must be clearly set out
  • No Conditions
  • Offers must be communicated by speaking or writing
  • Offers can be terminated before others accept
  • Price tag is not an offer its an invitation to threat
20
Q

Acceptance

A
  • Agree precisely to all terms
  • no conditions
  • Speaking writing or conduct
  • Once an offer is accepted it cannot be changed
  • If an offer is accepted but you ask for a change this is called a counter offer
21
Q

Consideration

A
  • Is the payment one person gives
  • It must be real or valuable
  • Cannot be for free
  • Generally it’s money
22
Q

Intention to contract

A
  • Must intend for it to be a Legally binding contract
  • Fully understand you will end up in court if you breach the contract
  • Agreements between businesses always intended to be legally binding
  • Agreements between family are not
23
Q

Capacity to Contract

A

Have the legal right to make a legally binding contract THE FOLLOWING EXCEPTIONS ARE

  • under 18
  • mentally incapacitated
  • drunk, drugs, insane
  • Diplomatic immunity
  • Ulta Vires
24
Q

Consent to contract

A
  • Voluntary and genuine Information
  • Not against their will
  • No mistakes or lies
25
Q

Legalithy of form

A
  • Certain contracts must be written up by law on certain legal documents/forms
  • If forms are not correct it is not a legally binding contract
  • EG buying a house
26
Q

Legalithy of Purpose

A
  • The document can only be for legal transactions
  • No agreement that involves breaking the law is a contract
  • EG Bank robbery
27
Q

Termination of contract

A

1Performance
2Agreement
3Frustrations
4Breach of contract

28
Q

Termination of contract

Performance

A

Both sides carry out their agreement

29
Q

Agreement

A
  • Both sides agree to voluntarily end a contract
  • Usually have to give a month notice
  • End contract under mutual understanding
  • EG Roy Keane leaves United 2004
30
Q

Termination of contract

Frustration

A
  • Some unforeseeable event occurs not under the control of the party
  • Makes it impossible to carry out task
  • EG death or bankruptcy
31
Q

Termination of contract

Breach ofcContract

A
  • Either side fail to carry out the agreement exactly as agreed
  • A condition is fundamental to a contract
  • Warranty is not. If you break a war into it is not a breach of contract
32
Q

Remedies for breach of contract

A

1 Damage
2 Specific Performance
3 Rescind the Contract

33
Q

Remedies for breach of contract

Damage

A

Financial compensation given extra for inconvenience

34
Q

Remedies for breach of contract

Specific Performance

A

Judge can order person who broke the contract to carry it out as exactly as agreed

35
Q

Rescind the contract

A

Judge returns the party’s to position they were in before contract. Appropriate if contract frustrated

Leaving Cert Buisness (17 decks)

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