Resources & Consumption
This is the item you must go without when you make a choice.
What is Opportunity Cost?
This machine allows you to withdraw cash from your account 24/7.
What is an ATM ?
This is the fee you pay to an insurance company for cover.
What is a Premium?
This is defined as "any attempt to start or do something new.
What is Enterprise?
This is the process of collecting and analyzing info about a target market.
What is Market Research?
These are things that are essential for survival, like food and water.
What are Needs?
This payment method is for a fixed amount paid at regular intervals.
What is a Standing Order?
This is the minimum legal requirement for motor insurance in Ireland.
What is Third Party Insurance?
"These are personality traits you are born with, like being a risk-taker.
What are Characteristics?
This type of research involves gathering first-hand info through surveys.
What is Field Research (Primary Research)?
These are the three core "pillars" of sustainability.
What are Social, Environmental, and Economic (People, Planet, Profit)?
This type of bank account is used for day-to-day spending.
What is a Current Account?
This principle means you must tell the "absolute truth" on an application.
What is Utmost Good Faith?
This term describes being an entrepreneur within an existing business.
What is Intrapreneurship?
This independent body helps resolve workplace disputes through conciliation.
What is the WRC (Workplace Relations Commission)?
The desire to buy more goods, seeing it as a sign of wealth and success.
What is Consumerism?
This is the price at which one currency can be exchanged for another.
What is an Exchange Rate?
This is an extra charge added to a premium for increased risk.
What is a Loading?
Name TWO internal sources of new product ideas.
What are Brainstorming and R&D (or Employee suggestions)?
This act states employees cannot be sued for strike losses if they held a secret ballot.
What is the Industrial Relations Act 1990?
These are the four types of resources: Natural, Human, Financial, and...
What are Capital (or Physical) resources
A loan used to buy a house, usually repaid over 20+ years.
What is a Mortgage?
This principle states you cannot make a profit from insurance.
What is Indemnity?
List the first 3 stages of the new product development process.
What are Idea Generation, Product Screening, and Concept Development?
Name three types of industrial action.
What are Strike, Work to Rule, Go-slow, Token Stoppage, or Overtime Ban? (Any three).