People in Business

These flashcards cover essential concepts from the lecture on the stakeholders in business, including entrepreneurs, investors, producers, and various aspects of contracts.

What are the two types of businesses mentioned in the notes?

Commercial and non-commercial businesses.

What is a commercial business?

A business that provides goods or services to consumers in hopes of making a profit.

What is an example of a non-commercial business?

St. Vincent de Paul.

What is the role of an entrepreneur?

An entrepreneur spots market gaps and comes up with business ideas to fill them.

Name two entrepreneurs mentioned in the notes.

Richard Branson and James Dyson.

What do investors do?

Investors provide finance or capital to entrepreneurs to help start and develop businesses.

How do producers create goods?

By combining machinery, labour, and finance to transform raw materials into finished products.

What is the local community's role regarding businesses?

The local community consists of individuals and organizations close to a business and is often considered in Corporate Social Responsibility strategies.

What responsibilities do employers have?

Employers are responsible for fair discipline, providing a safe work environment, and compliance with contracts and laws.

What rights do employees have?

Employees have the right to a reasonable wage, safe working conditions, trade union membership, and a contract of employment.

What is an interest group?

A group that seeks to influence political decisions and represents a body of people with a common interest.

What are co-operative and competitive relationships in business?

Co-operative relationships involve joint action for mutual benefit, while competitive relationships involve entities vying against each other.

What is required for a valid contract?

Elements such as agreement, consideration, intention, capacity, legality of form, consent, and legal purpose.

What does 'consideration' mean in a contract?

It is something of value offered in exchange for something else in a contract.

Who lacks the capacity to contract?

Infants, intoxicated persons, mentally ill persons, and diplomats.

What is a breach of contract?

When one party fails to perform their obligations under the contract.

What are the remedies for breach of contract?

Damages, specific performance, and rescinding the contract.

What does 'specific performance' mean?

A court order directing a party to carry out the obligations of the contract as originally agreed.