Unit 1 Ch 1 People in business

What is a commercial business?

A profit-making business, such as Dunnes Stores.

What is a non-commercial business?

A business that prioritizes people and the community ahead of profits, such as charities like Trocaire.

Who is an entrepreneur?

A person who spots a gap in the market, takes the initiative to set up a business, and risks profit or loss.

What do investors provide to a business?

Funding and expect a return on their investment.

What is equity capital?

Selling ownership of a business via shares.

Who are suppliers?

Providers of raw materials needed for producers.

What does a producer do?

Turns raw materials into finished products.

What is a service provider?

A business that provides support services to other businesses.

What responsibilities does an employer have?

To provide suitable working conditions and pay fair wages.

What rights do employees have?

The right to a safe workplace, to be paid an agreed wage, and to join a trade union.

What does the government provide to businesses?

Grants, infrastructure, and regulation to protect rights and the environment.

What are local communities' benefits from businesses?

Employment opportunities, secondary businesses benefiting, and local tax revenues.

What is lobbying?

Applying pressure to the government to influence decision-making.

What defines a cooperative relationship among stakeholders?

When stakeholders work together to achieve a common goal.

What is the result of competition between businesses?

Lower prices for consumers, but potential job losses.

What is a dependent relationship in business?

When stakeholders rely on each other for success.

What characterizes a dynamic relationship between stakeholders?

Relationships that are constantly changing between cooperative and competitive.