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1. (a) Illustrate your understanding of the term ‘Indigenous firm’: An indigenous firm is an Irish/native/locally based business that has been established and is owned/managed by Irish people/residents - Leaving Cert Business - Question 1 - 2010
Question 1
1. (a) Illustrate your understanding of the term ‘Indigenous firm’: An indigenous firm is an Irish/native/locally based business that has been established and is ow... show full transcript
Worked Solution & Example Answer:1. (a) Illustrate your understanding of the term ‘Indigenous firm’: An indigenous firm is an Irish/native/locally based business that has been established and is owned/managed by Irish people/residents - Leaving Cert Business - Question 1 - 2010
Step 1
Illustrate your understanding of the term ‘Indigenous firm’
Answer
An indigenous firm refers to a business that is native to a specific country—in this case, Ireland. These firms are characterized by their establishment and management by Irish residents, focusing primarily on serving local markets. They produce goods or offer services that contribute to the local economy, thereby fostering economic sustainability and community development. Examples include well-known local enterprises such as Stira Stairs and Supermacs.
Step 2
State two benefits of promoting the development of ‘Indigenous firms’ for the Irish economy.
Answer
(i) Loyalty: Indigenous firms often exhibit strong community loyalty, fostering a sense of belonging and encouraging spending within the local economy, especially during economic downturns.
(ii) Local Benefits: By sourcing materials locally and engaging in local hiring, these firms stimulate job creation and economic stability at a grassroots level.