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In relation to the following stakeholders of a business: (i) explain the term employee - Leaving Cert Business - Question A - 2018
Question A
In relation to the following stakeholders of a business: (i) explain the term employee. (ii) explain the term manager. Describe the relationship that the followin... show full transcript
Worked Solution & Example Answer:In relation to the following stakeholders of a business: (i) explain the term employee - Leaving Cert Business - Question A - 2018
Step 1
Explain the term employee
Answer
An employee is an individual who provides their services, generally under a contract of employment, to an employer in exchange for remuneration. This relationship typically involves the employee performing tasks as directed by the employer, who has control over the employee's work environment and duties.
Step 2
Explain the term manager
Answer
A manager is a person designated with the responsibility of controlling and directing the operations of an organization or a specific department within that organization. Their role involves planning, organizing, leading, and supervising staff to ensure the achievement of organizational objectives.
Step 3
Describe the relationship that the following stakeholders may have with a business: (i) an investor
Answer
An investor provides capital to a business or entrepreneur with the expectation of receiving a return on their investment, usually in the form of dividends. The investor retains an interest in the company’s performance and can influence business decisions indirectly through their investment.
Step 4
Describe the relationship that the following stakeholders may have with a business: (ii) a supplier
Answer
A supplier is responsible for providing raw materials, components, or finished goods to a business. This relationship can be cooperative or competitive, depending on the nature of the goods supplied. Suppliers expect timely payments for their products, which can influence their business relationship dynamics.
Step 5
If a consumer purchases a faulty product, who is responsible – the retailer or the producer? Explain your answer and name the law that protects the consumer in this case.
Answer
In the case of a faulty product, the retailer is typically responsible to the consumer for dealing with the complaint. This is because the retailer is the one who created the contract with the consumer. Under the Sale of Goods and Supply of Services Act 1980, consumers have a right to seek a refund, repair, or replacement directly from the retailer.
Step 6
Outline two advantages for a consumer of taking a case to the Small Claims Court.
Answer
- Inexpensive/Low Cost: The process is relatively affordable, costing only €25 to file a case.
- No Solicitors Involved: Consumers do not need a lawyer to represent them, which can save on legal fees and simplify the process.
Step 7