1.3.1 Consumer

Key terms & Concepts

• Good consumer

• Ethical consumer

• Sale of Goods & Supply of Services Act 1980

• Consumer Protection Act 2007

• Competition and Consumer Protection Act 2014

• Guarantee & Warranty

• Forms of Redress

Key Skills

• Writing a email of complaint

• Writing an email/tweet to give other consumers advice

1.4.1 Managing Risk

Key terms & Concepts

• How to manage risk

• Types of: Home, Motor, Life & Personal insurance

• Taking out insurance terms:  proposal form, broker, premium, insurable interest, utmost good faith, actuary, loadings, discount, no claims bonus, uninsurable risks, 

• Making a claim key terms: assessor, contribution, subrogation, indemnity, average clause

Key skills

• Calculating a premium

• Calculating compensation

2.1.1 Entreprise

Key terms & Concepts

• Commercial, not-for-profit & state enterprises

• Impact of Enterprise: 

• Characteristics of an entrepreneur

• Risks for an entrepreneur

• State agencies to support entrepreneurs

Key Skills

• Foreign exchange calculations

2.1.2 Idea Development & Research

Key terms & Concepts

• List steps of product development

• List internal sources of ideas

• List external sources of ideas

• SWOT Analysis

• Prototype

• Field research (primary) vs Desk research (secondary)

2.1.3 Types of Business

Key terms & Concepts

• Sole trader

• Private limited company

• Public limited company

• Franchise

• Shareholder

• Dividends

• Capital

• AGM

• Privatisation

2.1.4 & 2.1.5 Business Finance & Plan

Key terms & Concepts

• List & explain short, medium & long-term sources of finance

• Explain crowdfunding

• Reasons to create a business plan

• Structure of a business plan (headings)

• Mission statement

Key skills

• Complete a cash flow forecast

2.2.1 Marketing

Key terms & Concepts

• Marketing

• Marketing mix

• Product: Unique Selling Point, Packaging, Branding

• Price: influences on price

• Place: channels of distribution

• Promotion: Merchandising, Types of advertising, Sales promotion, Public relations

2.3.1 World of Work

Key terms & Concepts

• Why do people work? 

• Self-employed vs. Employed vs. Volunteer vs. Unpaid work

• Primary, Secondary, Tertiary Sectors

• Public vs Private Sectors

• Rights & Responsibilities of an Employee

• Rights & Responsibilities of an Employer

• Labour Force

• Reasons for unemployment

• How is the world of work changing? Remote work

2.3.2 Industrial Relations

Key terms & Concepts

• Trade unions

• Steps in resolving conflict in the workplace

• Shop steward

• Types of industrial action

• Third parties that help to resolve disputes

2.4.2 Business Documents

Key terms & Concepts

• List the business documents in order

• Terms of sale

• Trade discount

• Bulk buying

Key skills

• Complete details in each business document

2.4.3 Double-Entry Accounts

Key terms & Concepts

• What is an Expense, Asset, Revenue & Liability?

Key skills

• Complete an Analysed Cash Book

• Post the figures to the General Ledger

• Extract a Trial Balance

2.4.4 Final Accounts

Key terms & Concepts

• Stock: opening stock, closing stock, optimal stock

• Gross Profit vs Net Profit

• Bad debts

• Dividends

• Depreciation

Key skills

• Complete Income Statement

• Complete Statement of Financial Position

2.4.5 Analysis of Final Accounts

Key terms & Concepts

• Rate of Stock Turnover

• Profitability

• Liquidity

• Solvency

Key skills

• Use formulae to calculate the above

• Report on the calculations: analyse trends over time and explain changes

2.5 Business & Technology

Key terms & Concepts

• Communications: internal & external. Email, video conferencing, LAN

• Design & Manufacturing: robotics, CAD, CAM

• Financial: spreadsheets using Excel, sending business documents electronically

• Social media & marketing: social media, data analytics, databases, online advertising

• Transportation: improved efficiency and tracking

• Benefits of technology: all areas provide knock on benefits in cost and profits

• Cost of technology: financial, social and environmental

3.1 Introduction to Economics

Key terms & Concepts

• Factors of Production

• Spectrum of Economic Systems

• Circular Flow of Income

3.2 Demand & Supply

Key terms & Concepts

• Substitute and complementary goods

• Why does the demand curve slope downwards? 

• Why does the supply curve slope upwards? 

Key skills

• Draw a movement and shift in the demand curve

• Draw a movement and shift in the supply curve

• Draw equilibrium position

• Show changes in equilibrium

3.3.1 Economic Indicators

Key terms & Concepts

• Economic Growth: 

  • explain, official measure & calculate

  • How to achieve economic growth

  • Explain the business cycle

  • Impact of high economic growth on individual, business and economy

• Inflation

  • Explain, official measure & calculate

  • Causes of inflation

  • Impact of high inflation on individual, business and economy

• Unemployment rate

  • Explain & calculate

  • Labour force

  • Impact of high unemployment on individuals, businesses and the economy

• Interest rates

  • Explain

  • Impact of high high interest rates on individuals, business and economy

• National Debt

  • Explain

  • Debt servicing

  • Impact of high national debt on individuals, business and economy

3.3.2 Economic Sustainability

Key terms & Concepts

• Negative effects of economic growth on:

  • The environment  

  • Society

• Explain sustainable development

• Responsibilities for individuals, businesses & government

• What are the sustainable development goals? 

Key skills

• Draw a movement and shift in the demand curve

• Draw a movement and shift in the supply curve

• Draw equilibrium position

• Show changes in equilibrium

3.4.1 Government Policy

Key terms & Concepts

• Why do governments intervene? 

• Fiscal policy

  • Current vs Capital Income

  • Progressive vs Regressive tax

  • Purpose of tax

  • Tax avoidance vs Tax evasion

  • Current vs Capital Expenditure

  • National budget

  • Corporation tax, customs duties, excise duties, debt servicing

  • Dealing with a budget surplus and deficit

• Monetary policy

  • Effects of low interest rates

  • European Central Bank vs Central Bank of Ireland

• Regulatory policy

  • Deregulation

  • Labour market policies e.g. minimum wage

3.5.1 International Trade

Key terms & Concepts

• Exports vs Imports

• Reasons for exporting and importing

• Downsides of being an open economy

• Difficulties with engaging in Foreign Trade

• Visible vs Invisible trade

• Balance of Trade vs Balance of Payments

• Improving the balance of trade/payments

• Import substitution

• Barriers to trade: quota, tariff, embargo

• Globalisation

3.5.2 The European Union

Key terms & Concepts

• Institutions: European Parliament, European Commission, Council of Ministers

• Why does it exist? 

• Economic Benefits & Challenges of membership

• Social Benefits & Challenges of membership

• What is the euro?

• Advantages and disadvantages of the euro?