Chapter 1: People in Business

Question 1

What is a commercial business?

Answer 1

any business that makes a good or service and sells it with the intent of making a profit.

Question 2

What is a non commercial business?

Answer 2

Businessed set up for antoher purpose other than making a profit.

Question 3

What are the 8 stakeholders?

Answer 3

Entrepeneurs
Investors
Employees
Managers
Producers
Customers
Suppliers
Government

Question 4

What are 6 interest groups?

Answer 4

Greenpeace
consumer association of ireland
irish congress of trade unions
ibec
Trade associations like ifa
trade unions like siptu

Question 5

What are the three relationships between stakeholders

Answer 5

1. dynamic
2. co-operative
3. competitive

Question 6

What are two examples of conflicts between stakeholders

Answer 6

workers over wages

consumer over quality

Question 7

What are the two ways to resollve conflict

Answer 7

legislative and non legislative

Question 8

two examples of non legislative

Answer 8

negotiating and arbitration

Question 9

two examples of legislative

Answer 9

labour courts and unfair dismissal acts.

Question 10

negotiation

Answer 10

both parties bargain with each other and seek to discover common ground and reach an agreement to settle a matter of mutual concern. a compromise is reached that both parties find acceptable

Question 11

concilliation

Answer 11

the third party attempts to get both sides of the dispute to talk separately and jointly and then they may offer a solution to the problem. the parties involved decide on the decision themselves. it is not legally binding

Question 12

arbitration

Answer 12

the third party listens to both sides and makes a decision both parties agree in advance to abide bu the decision made