Unit 1- Chapter 1 Flashcards
(40 cards)
List 8 stakeholders
Entrepreneur Investor Employee Employer Producer Consumer Service provider Interest group
What is a stakeholder
A person or group with a specific interest in how a business performs e.g investors.
What is an entrepreneur
Someone who spots a GAP in the market and takes the INITIATIVE to SET UP a business to make money from that OPPORTUNITY. Takes a big RISK in doing so.
Example of an entrepreneur
Bill Gates (Microsoft)
Steve Jobs (Apple)
What is an investor
A person who gives CAPITAL to the ENTREPRENEUR that is needed to set up the business in EXCHANGE for RETURN on the investment
Example of an investor
Bank of Ireland
What relationship do the entrepreneurs and the investors have
Dependant relationship
What is an employer
Person who hires others to work for them and rewards the employee financially with pay
Example of an employer
Are lingus
What is an employee
Person who works for an employer in return for a wage
Example of an employee
Pilot in Aer lingus
What type of relation do an employer and employee have
Dependant relationship
What is a manager
The person who runs the business and makes sure that it achieves it’s objectives
Example of manager
Michael O’Leary
What is a producer
A business that makes a finished products form raw materials to see to consumers.
Example of a producer
Cadburys- who take milo and other ingredients and turn it into chocolate
What is a consumer
The person who buys good pr services for his/her own personal use
Relationship between producer and consumer?
Dependant relationship
What is a service provider
A business that offers a range of valuable support to an entrepreneur. They operate in the tertiary sector of the economy.
What is a cooperative relationship
Where 2 or more people/groups work together for their mutual benefit in the pursuit of a common goal.
What is a competitive relationship
Where 2 or mor people/groups are in direct competition with each other for the same goal, where there will be a winner and loser for each outcome.
Example of a competitive relationship
Two employees might compete for a promotion in a business. Ryanair and Aer lingus compete with each other
Example of a competitive relationship
Two employees might compete for a promotion in a business. Ryanair and Aer lingus compete with each other
Example of a competitive relationship
Two employees might compete for a promotion in a business. Ryanair and Aer lingus compete with each other
