Business

• Product life cycle

  
• Benefit in Kind also known as an official perk, it’s a non cash form of income given to an employee by the employer. E.g Company car
• Why do people become entrepreneurs

  • to be their own boss.
  • to make a profit
  • to pursue a passion
• Economic growth - An increase in the production of goods and services in a country from one year to the next. Measured in GDP
• A negative impact on economic growth on the environment is that it’s results in pollutions because of the increased production of goods.
• A global business is a business that operates in their home country and other countries world
• Positive impact of a global business - To access a wide range of goods
• A negative impact of a global business to a consumer is that the air miles from the good bought from the global business can be high.
• The value of euro is set by the European Central Bank.
• benefits of Ireland having the euro as our currency

  • Cost of changing currencies is eliminated when dealing with other eurozone members
  • Encourages tourism into Ireland
• Sustainable development - any action designed to meet the worlds present needs without preventing others in the future from meeting their needs.
• Social impact of McDonald’s changing to plastic straws - sets a good example to other businesses
• Why does a business use online advertising

  • Online advertising may be cheaper than other traditional advertising.
  • To target a particular set of customers
• Economic challenges of Eu membership for Ireland

  • Severe competition in EU market

  • Pressure to comply with EU policy and legislation
• Business documents

  
• A strike is when employees stop working as a form of protest against their employer. The Workplace Relations Commission is one organisation that promotes good industrial relations between employers and staff.
• The national budget is a document showing the government’s planned income and

  expenditure for the next year.
• Consumer Association of Ireland – Independent non-profit organisation that was set up to protect consumers.
• Labour,capital,enterprise and land