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Name the sector of the economy that JSK Construction Ltd operates in - Leaving Cert Business - Question A - 2018
Question A
Name the sector of the economy that JSK Construction Ltd operates in. Explain one other sector of the economy and provide one example of an occupation in that secto... show full transcript
Worked Solution & Example Answer:Name the sector of the economy that JSK Construction Ltd operates in - Leaving Cert Business - Question A - 2018
Step 1
Step 2
Explain one other sector of the economy and provide one example of an occupation in that sector.
Answer
One other sector of the economy is the Tertiary Sector. This sector encompasses services rather than goods. An example of an occupation in this sector is a hairdresser, who provides personal grooming services to clients.
Step 3
Outline two benefits of JSK Construction Ltd to the local economy.
Answer
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Employment Creation: JSK Construction Ltd's building projects create job opportunities for local residents, thereby reducing unemployment rates in the area.
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Economic Stimulus: The business generates income for local suppliers and services, which leads to more spending and growth within the local economy.
Step 4
Outline three reasons why multinational companies decide to locate in Ireland.
Answer
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Access to EU Markets: Multinationals benefit from free trade agreements within EU member states, allowing them to access a large market of over 500 million consumers.
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Low Corporation Tax: Ireland's corporation tax rate of 12.5% is attractive to multinationals, enabling them to retain a larger portion of their profits compared to other European countries.
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Highly Skilled Workforce: Ireland boasts a well-educated labor force, with a high number of graduates available, making it easier for multinationals to find qualified employees.
Step 5
Outline two examples of ethical behaviour by a business.
Answer
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Fair Pricing: JSK Construction Ltd pays fair prices to its suppliers and honors contracts, ensuring transparency in its financial dealings.
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Environmental Responsibility: The company follows environmentally friendly practices, such as proper waste disposal and minimizing environmental impact during construction.
Step 6
Explain the term limited liability.
Answer
Limited liability means that if a company goes bankrupt, the owners of the company are not personally responsible for the company's debts. Their liability is limited to the amount they have invested in the business, protecting personal assets from claims made by creditors.