Time for Business 2nd Edition - Junior Cycle (Edco)

2nd Edition

STUDENT ACTIVITY BOOK

Provides a range of additional activities to complement the

textbook content Contains templates and formats that reflect the exam

providing students with opportunities to practice Encourages active learning, self-assessment, reflection and

revision

Features a unique revision method to help students to recall information and prepare for exams Includes support for CBA preparation

TEACHER’S RESOURCE BOOK

Time for Business Teacher’s Resource Book provides all the support you need to teach the course, including:

Comprehensive planning guidelines

Unit of Learning planning templates

Scheme of work templates

Suggestions for ongoing assessment

The Educational Company of Ireland If you would like a sample copy, please contact your local representative or Phone: 01-4500611, Email: info@edco.ie, Website: www.edco.ie

TIME FOR BUSINESS Junior Cycle B usiness Studies

Guide to assessment

Suggested key learning, tips and

teaching approaches for each chapter Solutions for all textbook and

activity book questions, including

full accounts solutions, available in both hard copy

and digital formats

Interactive resources and e-book available on

Photocopiables FREE DIGITAL RESOURCES

Interactive resources and e-book available on

Digital Resources

Teachers can access the Time for Business interactive e-book at www.edcolearning.ie, plus a bank of free digital resources, including: › Editable planning templates › Editable PowerPoint chapter summaries › Additional activity worksheets › Solutions to all questions and activities in the textbook and student activity book › Step-by-step accounts that demonstrate accounting exercises › Editable Excel templates › Weblinks that provide links to additional resources › Engaging videos that illustrate business in action

www.timeforbusiness.ie

Interactive resources and e-book available on

Interactive resources and e-book available on

The Educational Company of Ireland

2nd Edition

Links to other learning outcomes and key skills are clearly highlighted

Student-friendly language throughout to make it accessible for all learners

TIME FOR BUSINESS Junior Cycle B usiness Studies

and questions in your Student Activity Book.

Joe Stafford Ultan Henry

Textbook

TIME FOR BUSINESS

2nd Edition

The Time for Business digital resources will enhance classroom learning by encouraging student participation and engagement. They support the Junior Cycle specification’s emphasis on the use of modern technology in the classroom and are designed to cater for different learning styles.

2nd Edition

Business textbook and complete the exercises

Web references in this book are intended as a guide addresses were active for teachers. At the time of going Company of Ireland and contained information relevant to the to press, all web and the authors topics in this book. these websites. do not accept responsibility However, The Educational Content for the views or investigating websites. and addresses may change information contained beyond our control in and pupils should be supervised when

© The Educational

PowerPoint Summary

Learning Outcomes Learning intentions

Weblinks

What this chapter will help you to learn on each topic

Important words you will need to learn to master the subjects covered in each chapter

Company of

1

Ireland

?

What is a resource

Provide chapter summaries, highlighting key themes and topics in the textbook

Key Terms

resources

https://pdst.ie/jc/businessstu dies/cresources The PDST website contains information and curriculum resources for teachers. https://www.jct.ie/business_ studies/resources Junior Cycle Business resources for teachers. https://www.studyclix.ie/reso urces/junior-certificate/busin This website has information and ess-studies resources on Junior Cycle Business. https://www.bbc.co.uk/bites ize/ The BBC Bitesize website has information and revision guides on a wide range https://irishfinancialreview.co of school subjects. m/moneywhizz-financial-liter MoneyWhizz has resources for teachers acy/ differences between on students on needs and wants. financial education, including a section on the

PowerPoint presentations Describe the knowledge, understanding, skills and values you will gain after covering them

can use in anything we goals.

A resource is us achieve our needs or help

Useful weblinks

Documents provide links to additional material

order to meet

our

Key SKILLS

needs and

2.1, 3.1

Compensation

PERSONAL FINANCE

LEARNING INTENTIONS FOR THIS CHAPTER

chapter you will be able to: When you have completed this and risks ●● Identify the costs, benefits ●● Explain what insurance is and associated with both insurance ●● Outline the principles of insurance non-insurance ●● Determine the types of household/ documentation need ●● Complete insurance personal insurance that you may ●● Calculate a premium. at different times industry ●● Identify jobs in the insurance

Chapter 9 Key Terms

excess exclusions health insurance income protection insurance indemnity insurable interest

actuary agent average clause buildings and contents insurance

‘Did you know?’ section and other sections updated using new examples, visuals, statistics and student-friendly language

claim form compensation comprehensive insurance contribution critical illness cover

insurance insurance broker insurance policy life assurance loading loss adjuster

employee PRSI endowment policy

96

Excel template Step-by-step accounts

Can be used to draft final accounts

General Ledger

(DR)

VAT A/C

Date

Details

2022 07/01

Cash purchases

F ACB

Balance c/d

Total

Date

€

2022

500

03/01

(CR) Details Cash sales

4,100

F

Total €

GL

4,600

4,600

Assessment

07/01

Student Activity Book

Questions from the SEC Junior Cycle Business Studies past exam paper are included as well as a dedicated assessment chapter

© The Educational

Each chapter includes anticipation exercises, activities, self-assessment and reflection

4,600

Balance b/d

4,100

Company of Ireland

Teachers and students can access the Time for Business digital resources via the Time for Business interactive e-book, which is available online at www.edcolearning.ie.

vii

vi

suffer an

whole-life policy write-off

9.1 False claims’ effect on pooling risk

on their risk. If people were to falsely claim Consider the concept of pooling are insured? have on all the other people who insurance, what effect would this #Discussion

31 Ou

them and how they spend

Land

government

budgets how the 31.4 Government website and research choices made?

Your Money Goes agree with the (a) Go to the Where budget. Do you the most recent spent money in limited #Research the best use of the money to make the choices you would allocate g your choices with (b) Decide how . #Justify a bar chart comparin resources. Create decisions in a paragraph nt. Explain your governme the made by #Presentation Would other you have made. on #Debate n, debate the choices Why? #Discussi (c) In a class discussio made different choices? have es classmat

Labour

c resources needed

on are the economi

The factors of producti and services.

Enterprise

n

Factors of productio

Labour

start or do Any attempt to Enterprise something new. land, labour brings together a and capital to produce product or a service.

Interest

Profit

and ›› Developing new and original products services

See Chapter 16 for types of enterprise

of production

the milk used to Cows that produce graze on the land. make the ice cream make fruit are grown to Sugar beet and ice cream. flavourings for the people Ben & Jerry’s employ g, etc.) to produce (production, marketin and sell ice cream. t are required Machinery and equipmen vans Capital cream. Delivery to make the ice it to shops. are needed to deliver Jerry Greenfield Ben Cohen and Enterprise by investing founded the business a shop in a former opening and $12,000 1978 Vermont, USA, in petrol station in d a course in ice after they complete

Land

Enterprise

Capital

Labour

of production

These are these combination of

Wages

›› Carpenters, farmers, games factory workers, , developers, teachers electricians y, ›› Buildings, machiner rs vehicles, compute

n together to produce factors of productio ice to bring these four n for Ben and Jerry’s Every business needs factors of productio For example, the goods and services. cream will be:

Factors of production

to us and the resources available factors.

by Physical items made in the people and used or production of goods

Table 31.1 Factors 99

Lan d

Figure 31.1 Factors 99

in The people involved or service. producing a good

r

Rent

mines, ›› Sea, rivers, fields, forests, climate resources ›› Non-renewable oil, coal are limited, e.g. s ›› Renewable resource wind include solar power, energy, water

services.

to produce goods

Reward

Example

Description by nature Anything provided goods and used to produce and services.

Factor

OUR ECONOMY

STRAND 3

97

Working with Others

SCARCITY AND CHOICE

Activities are mapped to the

development of key skills and are

designed to suit the common level specification

Linked to topics covered in the textbook

made to an insured person if they

in return for the insured person to an insurer A premium is the amount paid by particular risk. providing insurance cover for a

Staying Well

Managing Information and Thinking

Being Numerate

the amount of the types of losses covered and

Compensation is a financial payment insured loss.

Managing Myself

Communicating

Being Literate

An insurance policy sets out details of compensation to be paid.

theft travel insurance underinsurance uninsurable utmost good faith

risk

Chapter 9 Key SKILLS Being Creative

Profit

Figure 9.1 How insurance works 99

subrogation term policy third party third party, fire and

material fact mortgage protection insurance motor insurance no-claims bonus Pay Related Social Insurance (PRSI) payment protection insurance premium proposal form renewal notice

Runnning costs

Insurance company fund

Large numbers of premiums

Capital

Engaging videos

Key skills of the Junior Cycle that you will develop through carefully designed activities

Editable Excel templates

Updated to include more relevant images with clearer textboxes and panels

insurance for particular personal 1.6 Identify appropriate types of consider costs, benefits and risks

S

Insurance can only ever provide financial compensation for losses.

Sadly, it may not always be possible way to restore people’s lives to the loss. they were before an accident or Insurance is based on sharing (or people pooling) risk. A large number of each pay a small amount of money, cover called a premium, into a fund to a specific risk. This fund is managed used by an insurance company and is company occurs. It is also used to cover insurance to pay compensation when a loss is profit for the insurance company. expenses. Any remaining money

Video link

all goods and services

are produced from

a

See Chapter 15 for enterprise

cream making.

369

368

ing app and acquirin

technology

constant push

g

s

In-store hubs

›› Expensive to program

and install the

technology

›› May be time-co

nsuming to maintai

update

n and

›› May be a costly duplica Virtual displays

iBeacon is also

in use

›› Cost of purchas installation

tion of techno

e, programming

logy if

and

tion with

›› Ability to use social

media as a marketing tool ›› Ability to get feedback from customers helps with market research advertising and an ability to cater for individual custom er needs and preferences ›› Useful for market research purposes

›› Less intrusiv e technology

than iBeacon

›› Can encoura ge

customers to tock items

order out-of-s

›› Once installe d,

they are cheap to update and maintain to create large in-store display s ility of revenue generating floor space

›› Reduce the need Evaluation and conclusion

236

›› Increase availab Bearing in mind

the costs and benefits set ›› To upgrade out above, manage the point-of-sale ment decided technology ›› To update the : website and outsource the online blog in order to promote the ›› To invest in business iBeacon techno logy and in-store ›› That the benefit virtual display s of s investment would in-store hubs did not justify the costs involved be made in this , so no technology.

See Chapter 22 for celebrity endorsement/ influencers

OUR ECONOMY

Ireland UK* Denmark

Learning Outcomes in Focus

20.6 Your use of social

media

The phrase ‘if you’re not paying for it, you’re the media, blogs and websites. product’ is often What do you used in relation about your use to social of social media? #Opinio think this means? How does this make n #Reflect you feel

‘A tweet from Kendall Jenner can be worth more than a €500k marketing budget’ Shane O’Sullivan, owner of Easilocks, explains how social media has helped his business to grow.

In th New e s

After I took over my dad’s salon, I looked at different services that would offer more of a profit. We started providing hair extensions, which in 2005 were only starting to become a popular service.

We introduced that service into the salon on top of the hairdressing and it quickly became the most popular and profitable part of the salon.

We started getting the attention of celebrity models who would come exclusively to our salon to have their hair extensions done and became the go-to salon for the service in Dublin. People were travelling from all over the country and across from the UK just to come to us.

Three years ago we had a celebrity client in the salon that I had done hair extensions for and she had tweeted about Easilocks.

Twitter had just started to become popular and it was a more innocent time of social media when people weren’t getting paid to post about a product. She tweeted how happy she was and the next day we had over 100 emails from people enquiring where they could get their hair done like this celebrity they follow.

Twitter, Facebook and Instagram create such massive awareness instantly, which is a tool smaller businesses, like my own, didn’t have at our disposal 10 years ago.

Even if you had a marketing budget of €500,000, it would still be hard to replicate some of the success you can get from a celebrity endorsement on social media, like model Kendall Jenner.

Source: Journal.ie, 2 October 2016

237

The Educational Company of Ireland If you would like a sample copy, please contact your local representative or Phone: 01-4500611, Email: info@edco.ie, Website: www.edco.ie

Focus on key skills development with emphasis on those required for CBAs Includes a comprehensive guide to all aspects of assessment

1957

3.8 Discuss the economic and social benefits and challenges of Ireland’s of the EU membership 3.10 Use their knowledge , and information from a range of media sources, current economic issues to discuss and present an informed view Links to 1.7,

logy

›› More targete d

g some custom ers with notifications about product

SE

›› Costs of develop

20.5 Digital techno

E

and consumers Debate the impact of these technol are a powerfu ogies on your l influence? Outline buying habits.

Do you believe your views to that the class. #Debat e #Discussion they

›› Increased interac target market

on consumers

40

iBeacons

of specific products at point of purchase ›› The busines s will have a greater online presenc e ›› Increased interac tion with target market ›› Increased online sales

20

1.10, 3.3, 3.4, 3.6, 3.7,

LEARNING INTENTIONS FOR THIS

When you have completed

France West Germany Italy Netherlands Belgium Luxembourg

3.9, 3.10, 3.11

CHAPTER

this chapter you will be able to: Define the term ‘European Union’ Outline the main aims of the European Union Explain the term ‘trading bloc’ List the main decision-m aking and administra tive institutions of the ●● Outline the EU role of MEPs in representi ng EU citizens ●● Explain the term ‘single European market’ ●● Discuss the major economic and social benefits of Ireland’s membersh ●● Discuss the major challenges associated ip of the EU with Ireland’s membersh ip of the EU. ●●

●●

●●

●●

Chapter 40 Key Terms

Brexit Common Agricultural Policy (CAP) Council of the EU Court of Auditors Court of Justice of the EU euro area European Central Bank (ECB) European Commission

462

European Parliament European Social Fund (ESF) eurozone foreign direct investment (FDI) Member of the European Parliament (MEP) shared sovereignty single European market (SEM)

www.timeforbusiness.ie

Chapter 40 Key SKILLS Being Creative Being Literate Being Numerate Communicating Managing Information Working with Others

and Thinking

THE EUROPEAN UNION

European Union

1973

Cyprus Czech Republic Estonia Hungary Latvia Lithuania Malta Poland Slovakia Slovenia

Portugal Spain

1981

1986

Greece

* left the EU in 2020

1995

Austria Finland Sweden

2004

2007

Ou

Croatia

2013

Bulgaria Romania

Figure 40.1 Membership 99 of the EU

40.1 Join the club 453

40

my

will be time-co nsuming and offers no guarantee of success ›› Hiring an existing fashion blogger a lower cost may have and a greater appeal

TECHNOLOGIES

Origin and aims of the

The European Union (EU) was established shortly after the Second World attempt to prevent future War in an conflict between former enemies. Originally it as the European Economic was known Community (EEC) and had just six members. countries have since Many other joined, including Ireland in 1973.

How many countries are currently members of the EU? List them your Student Activity on page 453 of Book. #Research

The EU is a kind of ‘club’ for European countries.

Its members agree to the club rules. Each member join and to follow must pay a fee and in return they receive certain including the support benefits, and co-operation of fellow members.

Club members share ideas and resources and work together to achieve Member countries also common goals. work collectively to promote and improve the position globally. of the EU The European Union has three main aims: ›● To establish European citizenship – this means protecting human rights freedoms and ›● To ensure freedom, security and justice for EU citizens ›● To promote economic and social progress – this involves the single environmental protection market, the euro, and social and regional development.

As it currently exists, the EU is based on the idea of shared that each country is sovereignty. This means willing to give up control over some parts of its order to work with others government in to achieve common goals, standards and laws.

In June 2016, the majority of citizens in the United Kingdom voted to leave term Brexit was coined the EU. The to describe Britain’s exit from the EU. The impact Ireland will be discussed of Brexit on later in this chapter (see page 477).

463

Econo

specialist staff or hire a web designe r

›› Developing a blog

IMPACT OF DIGITAL

Digital techno logy is now a big part of our internet and everyday lives mobile phone and the growth technologies Businesses use of the have played our obsession a major role in with technology this development. use of social media influen to sell us more cers, notifica goods and service of ways in which tions and person s. The businesses try alised conten to influence t are all examp our buying decisio Social media les influencers are ns. often paid to Advertising Standa promote produc rds Authority ts to their followe for Ireland (ASAI) clearly marked rs. The as marketing states that such communicatio posts must be similar. ns using #ad, #sp (sponsored post) or

›› Increases sales

›› Major investm ent required ›› Will need to employ professional

Blogs

tal technology

The European Union

r

Website upgrade

Impact of digi

C

PTER

Cost–benefit analysis of the proposed investm This looks at what costs are ent in digital technology involved in getting benefits the organisation the new techno will get from logy and compa the benefits using the techno res them with outweigh the logy. By weighin the costs, the organis g up both sides ation hopes to Technology to see if make the best decision.

Costs Point-of-sale ›› Requires a minor Benefits technology upgrade of existing technology ›› Essential for payments in a cashless society

A range of activities appear throughout

the chapter to promote active student engagement

HA

ENTERPRISE

ERPRI

Contains 40 chapters covering all 37

Business Studies learning outcomes (LOs)

STRAND 2

›› Risk of annoyin

The Educational Company of Ireland

Weblinks

Junior Cyc l e B u s i n e ss Studies

Chapter 1 Making the most of your

https://www.hsfpp.org/abou t/program-overview.aspx NEFE’s High School Financial Planning on basic personal finance skills that Program® (HSFPP) is a financial literacy program are relevant to the lives of teens. specifically focused https://www.scoilnet.ie/ Website with resources for Business.

To provide for the integration of digital resources in the classroom and aid lesson planning, they are referenced throughout the textbook using the following icons:

Siobhan O’Sullivan James Cumiskey

Each chapter begins with learning outcomes, learning intentions, key terms and key skills and includes activities, Did You Know?, In the News and Enterprise in Action boxes.

Colourful, visually attractive and vibrant layout

Up-to-date content including ‘In the news’ and ‘Enterprise in action’ sections

Digital resources

Teacher’s Resource Book

Study business studies with the Time for

YOUR GUIDE TO TIME FOR BUSINESS

Learning Outcomes in Focus

Links to 1.2, 1.3, 1.11, 1.12, 1.13,

PER

to put the against possible loss and tries Insurance offers (financial) protection the loss financial position they were in before insured person back in the same occurred.

my

Closely aligned to the requirements of the new Junior Cycle Business Studies specification Your Guide to Time for Business

9

Includes exam-style assessment questions throughout

09

What is insurance?

AL FINA

INSURANCE FOR HOUSEHOLDS AND INDIVIDUALS

Insurance for Households and Individuals

C

ON

A revised edition of the market-leading and highly successful

Time for Business text

NT

The Time for Business package includes:

A Student Textbook

A Student Activity Book

A Free Student e-book

A Teacher’s Resource Book

Free Digital Resources

STUDENT TEXTBOOK

Econo

This second edition of Time for Business is closely aligned to the requirements of the Junior Cycle Business Studies specification. It reflects the first Junior Cycle Exam 2019 and delivers streamlined and updated content based on teacher and market feedback.

SIOBHAN O’SULLIVAN JAMES CUMISKEY TE HAP R

An updated edition of the market-leading Time for Business text for the new Junior Cycle, written by a team of highly experienced teachers – Joe Stafford, Siobhan O’Sullivan, Ultan Henry and James Cumiskey.

WRITTEN BY: JOE STAFFORD

ULTAN HENRY

E

J u n i o r C y c l e B u s i n e ss S t u d i e s

NC

TIME FOR BUSINESS

2nd Edition

Links to other learning outcomes and key skills are clearly highlighted

https://pdst.ie/jc/businessstu dies/cresources The PDST website contains information and curriculum resources for teachers. https://www.jct.ie/business_ studies/resources Junior Cycle Business resources for teachers. https://www.studyclix.ie/reso urces/junior-certificate/busin This website has information and ess-studies resources on Junior Cycle Business. https://www.bbc.co.uk/bites ize/ The BBC Bitesize website has information and revision guides on a wide range https://irishfinancialreview.co of school subjects. m/moneywhizz-financial-liter MoneyWhizz has resources for teachers acy/ differences between on students on needs and wants. financial education, including a section on the

To provide for the integration of digital resources in the classroom and aid lesson planning, they are referenced throughout the textbook using the following icons:

Siobhan O’Sullivan James Cumiskey

Web references in this book are intended as a guide addresses were active for teachers. At the time of going Company of Ireland and contained information relevant to the to press, all web and the authors topics in this book. these websites. do not accept responsibility However, The Educational Content for the views or investigating websites. and addresses may change information contained beyond our control in and pupils should be supervised when

Each chapter begins with learning outcomes, learning intentions, key terms and key skills and includes activities, Did You Know?, In the News and Enterprise in Action boxes.

© The Educational

PowerPoint Summary Provide chapter summaries, highlighting key themes and topics in the textbook

Learning Outcomes Learning intentions

Weblinks

What this chapter will help you to learn on each topic

Key Terms Important words you will need to learn to master the subjects covered in each chapter

Company of

1

Ireland

?

What is a resource

PowerPoint presentations Describe the knowledge, understanding, skills and values you will gain after covering them

can use in anything we goals.

A resource is us achieve our needs or help

Useful weblinks

Documents provide links to additional material

order to meet

our

Excel template Step-by-step accounts General Ledger VAT A/C

Date

Details

2022 07/01

Cash purchases

F ACB

Balance c/d

Total

Date

€

2022

500

03/01

(CR) Details Cash sales

4,100

F

Total €

GL

4,600

4,600

Assessment

07/01

Student Activity Book

Questions from the SEC Junior Cycle Business Studies past exam paper are included as well as a dedicated assessment chapter

© The Educational

Each chapter includes anticipation exercises, activities, self-assessment and reflection

4,600

Balance b/d

4,100

Company of Ireland

Teachers and students can access the Time for Business digital resources via the Time for Business interactive e-book, which is available online at www.edcolearning.ie.

vii

vi

›› Expensive to program

and install the

technology

nsuming to maintai

n and

›› May be a costly duplica Virtual displays

iBeacon is also

in use

›› Cost of purchas installation

tion of techno

e, programming

logy if

and

tion with

›› Less intrusiv e technology

than iBeacon

customers to tock items

order out-of-s

›› Once installe d,

they are cheap to update and maintain to create large in-store display s ility of revenue generating floor space

236

the costs and benefits set ›› To upgrade out above, manage the point-of-sale ment decided technology ›› To update the : website and outsource the online blog in order to promote the ›› To invest in business iBeacon techno logy and in-store ›› That the benefit virtual display s of s investment would in-store hubs did not justify the costs involved be made in this , so no technology.

20 E

See Chapter 22 for celebrity endorsement/ influencers

20.6 Your use of social

media

The phrase ‘if you’re not paying for it, you’re the media, blogs and websites. product’ is often What do you used in relation about your use to social of social media? #Opinio think this means? How does this make n #Reflect you feel

›› More targete d

›› Increase availab Bearing in mind

whole-life policy write-off

9.1 False claims’ effect on pooling risk

on their risk. If people were to falsely claim Consider the concept of pooling are insured? have on all the other people who insurance, what effect would this #Discussion

Working with Others

‘A tweet from Kendall Jenner can be worth more than a €500k marketing budget’ Shane O’Sullivan, owner of Easilocks, explains how social media has helped his business to grow.

In th New e s

After I took over my dad’s salon, I looked at different services that would offer more of a profit. We started providing hair extensions, which in 2005 were only starting to become a popular service.

We introduced that service into the salon on top of the hairdressing and it quickly became the most popular and profitable part of the salon.

We started getting the attention of celebrity models who would come exclusively to our salon to have their hair extensions done and became the go-to salon for the service in Dublin. People were travelling from all over the country and across from the UK just to come to us.

Three years ago we had a celebrity client in the salon that I had done hair extensions for and she had tweeted about Easilocks.

Twitter had just started to become popular and it was a more innocent time of social media when people weren’t getting paid to post about a product. She tweeted how happy she was and the next day we had over 100 emails from people enquiring where they could get their hair done like this celebrity they follow.

Twitter, Facebook and Instagram create such massive awareness instantly, which is a tool smaller businesses, like my own, didn’t have at our disposal 10 years ago.

Even if you had a marketing budget of €500,000, it would still be hard to replicate some of the success you can get from a celebrity endorsement on social media, like model Kendall Jenner.

PERSONAL FINANCE

them and how they spend

Land

government

budgets how the 31.4 Government website and research choices made?

Your Money Goes agree with the (a) Go to the Where budget. Do you the most recent spent money in limited #Research the best use of the money to make the choices you would allocate g your choices with (b) Decide how . #Justify a bar chart comparin resources. Create decisions in a paragraph nt. Explain your governme the made by #Presentation Would other you have made. on #Debate n, debate the choices Why? #Discussi (c) In a class discussio made different choices? have es classmat

Labour

A range of activities appear throughout the chapter to promote active student engagement

Source: Journal.ie, 2 October 2016

237

The Educational Company of Ireland If you would like a sample copy, please contact your local representative or Phone: 01-4500611, Email: info@edco.ie, Website: www.edco.ie

c resources needed

on are the economi

The factors of producti and services.

Enterprise

n

Factors of productio

Labour

start or do Any attempt to Enterprise something new. land, labour brings together a and capital to produce product or a service.

Interest

Profit

and ›› Developing new and original products services

See Chapter 16 for types of enterprise

of production

the milk used to Cows that produce graze on the land. make the ice cream make fruit are grown to Sugar beet and ice cream. flavourings for the people Ben & Jerry’s employ g, etc.) to produce (production, marketin and sell ice cream. t are required Machinery and equipmen vans Capital cream. Delivery to make the ice it to shops. are needed to deliver Jerry Greenfield Ben Cohen and Enterprise by investing founded the business a shop in a former opening and $12,000 1978 Vermont, USA, in petrol station in d a course in ice after they complete

Land

Enterprise

Capital

Labour

of production

These are these combination of

Wages

›› Carpenters, farmers, games factory workers, , developers, teachers electricians y, ›› Buildings, machiner rs vehicles, compute

n together to produce factors of productio ice to bring these four n for Ben and Jerry’s Every business needs factors of productio For example, the goods and services. cream will be:

Factors of production

to us and the resources available factors.

by Physical items made in the people and used or production of goods

9 Table 31.1 Factors

Lan d

9 Figure 31.1 Factors

in The people involved or service. producing a good

r

Rent

mines, ›› Sea, rivers, fields, forests, climate resources ›› Non-renewable oil, coal are limited, e.g. s ›› Renewable resource wind include solar power, energy, water

services.

to produce goods

Reward

Example

Description by nature Anything provided goods and used to produce and services.

Factor

OUR ECONOMY

Activities are mapped to the development of key skills and are designed to suit the common level specification

all goods and services

are produced from

a

See Chapter 15 for enterprise

cream making.

369

368

C

The European Union

Origin and aims of the

Learning Outcomes in Focus

1957

3.8 Discuss the economic and social benefits and challenges of Ireland’s of the EU membership 3.10 Use their knowledge , and information from a range of media sources, current economic issues to discuss and present an informed view Links to 1.7, 1.10, 3.3, 3.4, 3.6, 3.7,

LEARNING INTENTIONS FOR THIS

When you have completed

France West Germany Italy Netherlands Belgium Luxembourg

3.9, 3.10, 3.11

CHAPTER

this chapter you will be able to: Define the term ‘European Union’ Outline the main aims of the European Union Explain the term ‘trading bloc’ List the main decision-m aking and administra tive institutions of the ●● Outline the EU role of MEPs in representi ng EU citizens ●● Explain the term ‘single European market’ ●● Discuss the major economic and social benefits of Ireland’s membersh ●● Discuss the major challenges associated ip of the EU with Ireland’s membersh ip of the EU. ●●

●●

●●

●●

Chapter 40 Key Terms

Brexit Common Agricultural Policy (CAP) Council of the EU Court of Auditors Court of Justice of the EU euro area European Central Bank (ECB) European Commission

462

European Parliament European Social Fund (ESF) eurozone foreign direct investment (FDI) Member of the European Parliament (MEP) shared sovereignty single European market (SEM)

www.timeforbusiness.ie

Chapter 40 Key SKILLS Being Creative Being Literate Being Numerate Communicating Managing Information Working with Others

and Thinking

THE EUROPEAN UNION

European Union

1973

Cyprus Czech Republic Estonia Hungary Latvia Lithuania Malta Poland Slovakia Slovenia

Portugal Spain

1981

1986

Greece

* left the EU in 2020

1995

Austria Finland Sweden

2004

2007

Croatia

2013

Bulgaria Romania

9 Figure 40.1 Membership of the EU

40.1 Join the club 453

40 Ou

The European Union (EU) was established shortly after the Second World attempt to prevent future War in an conflict between former enemies. Originally it as the European Economic was known Community (EEC) and had just six members. countries have since Many other joined, including Ireland in 1973.

Ireland UK* Denmark

Focus on key skills development with emphasis on those required for CBAs Includes a comprehensive guide to all aspects of assessment

31 Ou

STRAND 3

97

Staying Well

SCARCITY AND CHOICE

logy

media as a marketing tool ›› Ability to get feedback from customers helps with market research

›› Reduce the need Evaluation and conclusion

20.5 Digital techno

›› Ability to use social

›› Can encoura ge

on consumers

and consumers Debate the impact of these technol are a powerfu ogies on your l influence? Outline buying habits.

Do you believe your views to that the class. #Debat e #Discussion they

›› Increased interac

advertising and an ability to cater for individual custom er needs and preferences ›› Useful for market research purposes

TECHNOLOGIES

Digital techno logy is now a big part of our internet and everyday lives mobile phone and the growth technologies Businesses use of the have played our obsession a major role in with technology this development. use of social media influen to sell us more cers, notifica goods and service of ways in which tions and person s. The businesses try alised conten to influence t are all examp our buying decisio Social media les influencers are ns. often paid to Advertising Standa promote produc rds Authority ts to their followe for Ireland (ASAI) clearly marked rs. The as marketing states that such communicatio posts must be similar. ns using #ad, #sp (sponsored post) or

of specific products at point of purchase ›› The busines s will have a greater online presenc e ›› Increased interac tion with target market ›› Increased online sales target market

IMPACT OF DIGITAL

SE

g

›› May be time-co update

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suffer an

How many countries are currently members of the EU? List them your Student Activity on page 453 of Book. #Research

The EU is a kind of ‘club’ for European countries.

Its members agree to the club rules. Each member join and to follow must pay a fee and in return they receive certain including the support benefits, and co-operation of fellow members.

Club members share ideas and resources and work together to achieve Member countries also common goals. work collectively to promote and improve the position globally. of the EU The European Union has three main aims: ›● To establish European citizenship – this means protecting human rights freedoms and ›● To ensure freedom, security and justice for EU citizens ›● To promote economic and social progress – this involves the single environmental protection market, the euro, and social and regional development.

As it currently exists, the EU is based on the idea of shared that each country is sovereignty. This means willing to give up control over some parts of its order to work with others government in to achieve common goals, standards and laws.

In June 2016, the majority of citizens in the United Kingdom voted to leave term Brexit was coined the EU. The to describe Britain’s exit from the EU. The impact Ireland will be discussed of Brexit on later in this chapter (see page 477).

463

Econo

ing app and acquirin

g some custom ers with notifications about product

s

In-store hubs

96

made to an insured person if they

in return for the insured person to an insurer A premium is the amount paid by particular risk. providing insurance cover for a

Managing Myself

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Being Literate

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theft travel insurance underinsurance uninsurable utmost good faith

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r

›› Costs of develop technology

life assurance loading loss adjuster

Profit

9 Figure 9.1 How insurance works

subrogation term policy third party third party, fire and

material fact mortgage protection insurance motor insurance no-claims bonus Pay Related Social Insurance (PRSI) payment protection insurance premium proposal form renewal notice

Chapter 9 Key SKILLS

PTER

will be time-co nsuming and offers no guarantee of success ›› Hiring an existing fashion blogger a lower cost may have and a greater appeal

constant push

tal technology

ERPRI

specialist staff or hire a web designe r

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›› Major investm ent required ›› Will need to employ professional

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Costs Point-of-sale ›› Requires a minor Benefits technology upgrade of existing technology ›› Essential for payments in a cashless society Website upgrade

claim form compensation comprehensive insurance contribution critical illness cover

OUR ECONOMY

Linked to topics covered in the textbook

(DR)

Contains 40 chapters covering all 37 Business Studies learning outcomes (LOs)

excess exclusions health insurance income protection insurance indemnity insurable interest

Runnning costs

Insurance company fund

Large numbers of premiums

Capital

Engaging videos

Key skills of the Junior Cycle that you will develop through carefully designed activities

Can be used to draft final accounts

STRAND 2

Chapter 9 Key Terms actuary agent average clause buildings and contents insurance

40

Key SKILLS

Editable Excel templates

Updated to include more relevant images with clearer textboxes and panels

Compensation

chapter you will be able to: When you have completed this and risks ●● Identify the costs, benefits ●● Explain what insurance is and associated with both insurance ●● Outline the principles of insurance non-insurance ●● Determine the types of household/ documentation need ●● Complete insurance personal insurance that you may ●● Calculate a premium. at different times industry ●● Identify jobs in the insurance

Video link

›› Risk of annoyin

The Educational Company of Ireland

Weblinks

resources

needs and

2.1, 3.1

LEARNING INTENTIONS FOR THIS CHAPTER

my

Joe Stafford Ultan Henry

Textbook

2nd Edition

Junior Cyc l e B u s i n e ss Studies

Chapter 1 Making the most of your

https://www.hsfpp.org/abou t/program-overview.aspx NEFE’s High School Financial Planning on basic personal finance skills that Program® (HSFPP) is a financial literacy program are relevant to the lives of teens. specifically focused https://www.scoilnet.ie/ Website with resources for Business.

insurance for particular personal 1.6 Identify appropriate types of consider costs, benefits and risks

S

Insurance can only ever provide financial compensation for losses.

Sadly, it may not always be possible way to restore people’s lives to the loss. they were before an accident or Insurance is based on sharing (or people pooling) risk. A large number of each pay a small amount of money, cover called a premium, into a fund to a specific risk. This fund is managed used by an insurance company and is company occurs. It is also used to cover insurance to pay compensation when a loss is profit for the insurance company. expenses. Any remaining money

my

Junior Cycle B usiness Studies

and questions in your Student Activity Book.

Colourful, visually attractive and vibrant layout

Up-to-date content including ‘In the news’ and ‘Enterprise in action’ sections

TIME FOR BUSINESS

Business textbook and complete the exercises

TIME FOR BUSINESS

The Time for Business digital resources will enhance classroom learning by encouraging student participation and engagement. They support the Junior Cycle specification’s emphasis on the use of modern technology in the classroom and are designed to cater for different learning styles.

2nd Edition

9

Student-friendly language throughout to make it accessible for all learners

Digital resources

Teacher’s Resource Book

Study business studies with the Time for

‘Did you know?’ section and other sections updated using new examples, visuals, statistics and student-friendly language

YOUR GUIDE TO TIME FOR BUSINESS

PER

to put the against possible loss and tries Insurance offers (financial) protection the loss financial position they were in before insured person back in the same occurred.

Learning Outcomes in Focus

Links to 1.2, 1.3, 1.11, 1.12, 1.13,

09

What is insurance?

AL FINA

Includes exam-style assessment questions throughout

Closely aligned to the requirements of the new Junior Cycle Business Studies specification Your Guide to Time for Business

INSURANCE FOR HOUSEHOLDS AND INDIVIDUALS

Insurance for Households and Individuals

C

ON

A revised edition of the market-leading and highly successful Time for Business text

NT

The Time for Business package includes: A Student Textbook A Student Activity Book A Free Student e-book A Teacher’s Resource Book Free Digital Resources

STUDENT TEXTBOOK

Econo

This second edition of Time for Business is closely aligned to the requirements of the Junior Cycle Business Studies specification. It reflects the first Junior Cycle Exam 2019 and delivers streamlined and updated content based on teacher and market feedback.

SIOBHAN O’SULLIVAN JAMES CUMISKEY TE HAP R

An updated edition of the market-leading Time for Business text for the new Junior Cycle, written by a team of highly experienced teachers – Joe Stafford, Siobhan O’Sullivan, Ultan Henry and James Cumiskey.

WRITTEN BY: JOE STAFFORD ULTAN HENRY

E

J u n i o r C y c l e B u s i n e ss S t u d i e s

NC

TIME FOR BUSINESS

2nd Edition

Links to other learning outcomes and key skills are clearly highlighted

Student-friendly language throughout to make it accessible for all learners

TIME FOR BUSINESS Junior Cycle B usiness Studies

and questions in your Student Activity Book.

Joe Stafford Ultan Henry

Textbook

TIME FOR BUSINESS

2nd Edition

The Time for Business digital resources will enhance classroom learning by encouraging student participation and engagement. They support the Junior Cycle specification’s emphasis on the use of modern technology in the classroom and are designed to cater for different learning styles.

2nd Edition

Business textbook and complete the exercises

Web references in this book are intended as a guide addresses were active for teachers. At the time of going Company of Ireland and contained information relevant to the to press, all web and the authors topics in this book. these websites. do not accept responsibility However, The Educational Content for the views or investigating websites. and addresses may change information contained beyond our control in and pupils should be supervised when

© The Educational

PowerPoint Summary

Learning Outcomes Learning intentions

Weblinks

What this chapter will help you to learn on each topic

Important words you will need to learn to master the subjects covered in each chapter

Company of

1

Ireland

?

What is a resource

Provide chapter summaries, highlighting key themes and topics in the textbook

Key Terms

resources

https://pdst.ie/jc/businessstu dies/cresources The PDST website contains information and curriculum resources for teachers. https://www.jct.ie/business_ studies/resources Junior Cycle Business resources for teachers. https://www.studyclix.ie/reso urces/junior-certificate/busin This website has information and ess-studies resources on Junior Cycle Business. https://www.bbc.co.uk/bites ize/ The BBC Bitesize website has information and revision guides on a wide range https://irishfinancialreview.co of school subjects. m/moneywhizz-financial-liter MoneyWhizz has resources for teachers acy/ differences between on students on needs and wants. financial education, including a section on the

PowerPoint presentations Describe the knowledge, understanding, skills and values you will gain after covering them

can use in anything we goals.

A resource is us achieve our needs or help

Useful weblinks

Documents provide links to additional material

order to meet

our

Key SKILLS

needs and

2.1, 3.1

Compensation

PERSONAL FINANCE

LEARNING INTENTIONS FOR THIS CHAPTER

chapter you will be able to: When you have completed this and risks ●● Identify the costs, benefits ●● Explain what insurance is and associated with both insurance ●● Outline the principles of insurance non-insurance ●● Determine the types of household/ documentation need ●● Complete insurance personal insurance that you may ●● Calculate a premium. at different times industry ●● Identify jobs in the insurance

Chapter 9 Key Terms

excess exclusions health insurance income protection insurance indemnity insurable interest

actuary agent average clause buildings and contents insurance

‘Did you know?’ section and other sections updated using new examples, visuals, statistics and student-friendly language

claim form compensation comprehensive insurance contribution critical illness cover

insurance insurance broker insurance policy life assurance loading loss adjuster

employee PRSI endowment policy

96

Excel template Step-by-step accounts

Can be used to draft final accounts

General Ledger

(DR)

VAT A/C

Date

Details

2022 07/01

Cash purchases

F ACB

Balance c/d

Total

Date

€

2022

500

03/01

(CR) Details Cash sales

4,100

F

Total €

GL

4,600

4,600

Assessment

07/01

Student Activity Book

Questions from the SEC Junior Cycle Business Studies past exam paper are included as well as a dedicated assessment chapter

© The Educational

Each chapter includes anticipation exercises, activities, self-assessment and reflection

4,600

Balance b/d

4,100

Company of Ireland

Teachers and students can access the Time for Business digital resources via the Time for Business interactive e-book, which is available online at www.edcolearning.ie.

vii

vi

suffer an

whole-life policy write-off

9.1 False claims’ effect on pooling risk

on their risk. If people were to falsely claim Consider the concept of pooling are insured? have on all the other people who insurance, what effect would this #Discussion

31 Ou

them and how they spend

Land

government

budgets how the 31.4 Government website and research choices made?

Your Money Goes agree with the (a) Go to the Where budget. Do you the most recent spent money in limited #Research the best use of the money to make the choices you would allocate g your choices with (b) Decide how . #Justify a bar chart comparin resources. Create decisions in a paragraph nt. Explain your governme the made by #Presentation Would other you have made. on #Debate n, debate the choices Why? #Discussi (c) In a class discussio made different choices? have es classmat

Labour

c resources needed

on are the economi

The factors of producti and services.

Enterprise

n

Factors of productio

Labour

start or do Any attempt to Enterprise something new. land, labour brings together a and capital to produce product or a service.

Interest

Profit

and ›› Developing new and original products services

See Chapter 16 for types of enterprise

of production

the milk used to Cows that produce graze on the land. make the ice cream make fruit are grown to Sugar beet and ice cream. flavourings for the people Ben & Jerry’s employ g, etc.) to produce (production, marketin and sell ice cream. t are required Machinery and equipmen vans Capital cream. Delivery to make the ice it to shops. are needed to deliver Jerry Greenfield Ben Cohen and Enterprise by investing founded the business a shop in a former opening and $12,000 1978 Vermont, USA, in petrol station in d a course in ice after they complete

Land

Enterprise

Capital

Labour

of production

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›› Carpenters, farmers, games factory workers, , developers, teachers electricians y, ›› Buildings, machiner rs vehicles, compute

n together to produce factors of productio ice to bring these four n for Ben and Jerry’s Every business needs factors of productio For example, the goods and services. cream will be:

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to us and the resources available factors.

by Physical items made in the people and used or production of goods

Table 31.1 Factors 99

Lan d

Figure 31.1 Factors 99

in The people involved or service. producing a good

r

Rent

mines, ›› Sea, rivers, fields, forests, climate resources ›› Non-renewable oil, coal are limited, e.g. s ›› Renewable resource wind include solar power, energy, water

services.

to produce goods

Reward

Example

Description by nature Anything provided goods and used to produce and services.

Factor

OUR ECONOMY

STRAND 3

97

Working with Others

SCARCITY AND CHOICE

Activities are mapped to the

development of key skills and are

designed to suit the common level specification

Linked to topics covered in the textbook

made to an insured person if they

in return for the insured person to an insurer A premium is the amount paid by particular risk. providing insurance cover for a

Staying Well

Managing Information and Thinking

Being Numerate

the amount of the types of losses covered and

Compensation is a financial payment insured loss.

Managing Myself

Communicating

Being Literate

An insurance policy sets out details of compensation to be paid.

theft travel insurance underinsurance uninsurable utmost good faith

risk

Chapter 9 Key SKILLS Being Creative

Profit

Figure 9.1 How insurance works 99

subrogation term policy third party third party, fire and

material fact mortgage protection insurance motor insurance no-claims bonus Pay Related Social Insurance (PRSI) payment protection insurance premium proposal form renewal notice

Runnning costs

Insurance company fund

Large numbers of premiums

Capital

Engaging videos

Key skills of the Junior Cycle that you will develop through carefully designed activities

Editable Excel templates

Updated to include more relevant images with clearer textboxes and panels

insurance for particular personal 1.6 Identify appropriate types of consider costs, benefits and risks

S

Insurance can only ever provide financial compensation for losses.

Sadly, it may not always be possible way to restore people’s lives to the loss. they were before an accident or Insurance is based on sharing (or people pooling) risk. A large number of each pay a small amount of money, cover called a premium, into a fund to a specific risk. This fund is managed used by an insurance company and is company occurs. It is also used to cover insurance to pay compensation when a loss is profit for the insurance company. expenses. Any remaining money

Video link

all goods and services

are produced from

a

See Chapter 15 for enterprise

cream making.

369

368

ing app and acquirin

technology

constant push

g

s

In-store hubs

›› Expensive to program

and install the

technology

›› May be time-co

nsuming to maintai

update

n and

›› May be a costly duplica Virtual displays

iBeacon is also

in use

›› Cost of purchas installation

tion of techno

e, programming

logy if

and

tion with

›› Ability to use social

media as a marketing tool ›› Ability to get feedback from customers helps with market research advertising and an ability to cater for individual custom er needs and preferences ›› Useful for market research purposes

›› Less intrusiv e technology

than iBeacon

›› Can encoura ge

customers to tock items

order out-of-s

›› Once installe d,

they are cheap to update and maintain to create large in-store display s ility of revenue generating floor space

›› Reduce the need Evaluation and conclusion

236

›› Increase availab Bearing in mind

the costs and benefits set ›› To upgrade out above, manage the point-of-sale ment decided technology ›› To update the : website and outsource the online blog in order to promote the ›› To invest in business iBeacon techno logy and in-store ›› That the benefit virtual display s of s investment would in-store hubs did not justify the costs involved be made in this , so no technology.

See Chapter 22 for celebrity endorsement/ influencers

OUR ECONOMY

Ireland UK* Denmark

Learning Outcomes in Focus

20.6 Your use of social

media

The phrase ‘if you’re not paying for it, you’re the media, blogs and websites. product’ is often What do you used in relation about your use to social of social media? #Opinio think this means? How does this make n #Reflect you feel

‘A tweet from Kendall Jenner can be worth more than a €500k marketing budget’ Shane O’Sullivan, owner of Easilocks, explains how social media has helped his business to grow.

In th New e s

After I took over my dad’s salon, I looked at different services that would offer more of a profit. We started providing hair extensions, which in 2005 were only starting to become a popular service.

We introduced that service into the salon on top of the hairdressing and it quickly became the most popular and profitable part of the salon.

We started getting the attention of celebrity models who would come exclusively to our salon to have their hair extensions done and became the go-to salon for the service in Dublin. People were travelling from all over the country and across from the UK just to come to us.

Three years ago we had a celebrity client in the salon that I had done hair extensions for and she had tweeted about Easilocks.

Twitter had just started to become popular and it was a more innocent time of social media when people weren’t getting paid to post about a product. She tweeted how happy she was and the next day we had over 100 emails from people enquiring where they could get their hair done like this celebrity they follow.

Twitter, Facebook and Instagram create such massive awareness instantly, which is a tool smaller businesses, like my own, didn’t have at our disposal 10 years ago.

Even if you had a marketing budget of €500,000, it would still be hard to replicate some of the success you can get from a celebrity endorsement on social media, like model Kendall Jenner.

Source: Journal.ie, 2 October 2016

237

The Educational Company of Ireland If you would like a sample copy, please contact your local representative or Phone: 01-4500611, Email: info@edco.ie, Website: www.edco.ie

Focus on key skills development with emphasis on those required for CBAs Includes a comprehensive guide to all aspects of assessment

1957

3.8 Discuss the economic and social benefits and challenges of Ireland’s of the EU membership 3.10 Use their knowledge , and information from a range of media sources, current economic issues to discuss and present an informed view Links to 1.7,

logy

›› More targete d

g some custom ers with notifications about product

SE

›› Costs of develop

20.5 Digital techno

E

and consumers Debate the impact of these technol are a powerfu ogies on your l influence? Outline buying habits.

Do you believe your views to that the class. #Debat e #Discussion they

›› Increased interac target market

on consumers

40

iBeacons

of specific products at point of purchase ›› The busines s will have a greater online presenc e ›› Increased interac tion with target market ›› Increased online sales

20

1.10, 3.3, 3.4, 3.6, 3.7,

LEARNING INTENTIONS FOR THIS

When you have completed

France West Germany Italy Netherlands Belgium Luxembourg

3.9, 3.10, 3.11

CHAPTER

this chapter you will be able to: Define the term ‘European Union’ Outline the main aims of the European Union Explain the term ‘trading bloc’ List the main decision-m aking and administra tive institutions of the ●● Outline the EU role of MEPs in representi ng EU citizens ●● Explain the term ‘single European market’ ●● Discuss the major economic and social benefits of Ireland’s membersh ●● Discuss the major challenges associated ip of the EU with Ireland’s membersh ip of the EU. ●●

●●

●●

●●

Chapter 40 Key Terms

Brexit Common Agricultural Policy (CAP) Council of the EU Court of Auditors Court of Justice of the EU euro area European Central Bank (ECB) European Commission

462

European Parliament European Social Fund (ESF) eurozone foreign direct investment (FDI) Member of the European Parliament (MEP) shared sovereignty single European market (SEM)

www.timeforbusiness.ie

Chapter 40 Key SKILLS Being Creative Being Literate Being Numerate Communicating Managing Information Working with Others

and Thinking

THE EUROPEAN UNION

European Union

1973

Cyprus Czech Republic Estonia Hungary Latvia Lithuania Malta Poland Slovakia Slovenia

Portugal Spain

1981

1986

Greece

* left the EU in 2020

1995

Austria Finland Sweden

2004

2007

Ou

Croatia

2013

Bulgaria Romania

Figure 40.1 Membership 99 of the EU

40.1 Join the club 453

40

my

will be time-co nsuming and offers no guarantee of success ›› Hiring an existing fashion blogger a lower cost may have and a greater appeal

TECHNOLOGIES

Origin and aims of the

The European Union (EU) was established shortly after the Second World attempt to prevent future War in an conflict between former enemies. Originally it as the European Economic was known Community (EEC) and had just six members. countries have since Many other joined, including Ireland in 1973.

How many countries are currently members of the EU? List them your Student Activity on page 453 of Book. #Research

The EU is a kind of ‘club’ for European countries.

Its members agree to the club rules. Each member join and to follow must pay a fee and in return they receive certain including the support benefits, and co-operation of fellow members.

Club members share ideas and resources and work together to achieve Member countries also common goals. work collectively to promote and improve the position globally. of the EU The European Union has three main aims: ›● To establish European citizenship – this means protecting human rights freedoms and ›● To ensure freedom, security and justice for EU citizens ›● To promote economic and social progress – this involves the single environmental protection market, the euro, and social and regional development.

As it currently exists, the EU is based on the idea of shared that each country is sovereignty. This means willing to give up control over some parts of its order to work with others government in to achieve common goals, standards and laws.

In June 2016, the majority of citizens in the United Kingdom voted to leave term Brexit was coined the EU. The to describe Britain’s exit from the EU. The impact Ireland will be discussed of Brexit on later in this chapter (see page 477).

463

Econo

specialist staff or hire a web designe r

›› Developing a blog

IMPACT OF DIGITAL

Digital techno logy is now a big part of our internet and everyday lives mobile phone and the growth technologies Businesses use of the have played our obsession a major role in with technology this development. use of social media influen to sell us more cers, notifica goods and service of ways in which tions and person s. The businesses try alised conten to influence t are all examp our buying decisio Social media les influencers are ns. often paid to Advertising Standa promote produc rds Authority ts to their followe for Ireland (ASAI) clearly marked rs. The as marketing states that such communicatio posts must be similar. ns using #ad, #sp (sponsored post) or

›› Increases sales

›› Major investm ent required ›› Will need to employ professional

Blogs

tal technology

The European Union

r

Website upgrade

Impact of digi

C

PTER

Cost–benefit analysis of the proposed investm This looks at what costs are ent in digital technology involved in getting benefits the organisation the new techno will get from logy and compa the benefits using the techno res them with outweigh the logy. By weighin the costs, the organis g up both sides ation hopes to Technology to see if make the best decision.

Costs Point-of-sale ›› Requires a minor Benefits technology upgrade of existing technology ›› Essential for payments in a cashless society

A range of activities appear throughout

the chapter to promote active student engagement

HA

ENTERPRISE

ERPRI

Contains 40 chapters covering all 37

Business Studies learning outcomes (LOs)

STRAND 2

›› Risk of annoyin

The Educational Company of Ireland

Weblinks

Junior Cyc l e B u s i n e ss Studies

Chapter 1 Making the most of your

https://www.hsfpp.org/abou t/program-overview.aspx NEFE’s High School Financial Planning on basic personal finance skills that Program® (HSFPP) is a financial literacy program are relevant to the lives of teens. specifically focused https://www.scoilnet.ie/ Website with resources for Business.

To provide for the integration of digital resources in the classroom and aid lesson planning, they are referenced throughout the textbook using the following icons:

Siobhan O’Sullivan James Cumiskey

Each chapter begins with learning outcomes, learning intentions, key terms and key skills and includes activities, Did You Know?, In the News and Enterprise in Action boxes.

Colourful, visually attractive and vibrant layout

Up-to-date content including ‘In the news’ and ‘Enterprise in action’ sections

Digital resources

Teacher’s Resource Book

Study business studies with the Time for

YOUR GUIDE TO TIME FOR BUSINESS

Learning Outcomes in Focus

Links to 1.2, 1.3, 1.11, 1.12, 1.13,

PER

to put the against possible loss and tries Insurance offers (financial) protection the loss financial position they were in before insured person back in the same occurred.

my

Closely aligned to the requirements of the new Junior Cycle Business Studies specification Your Guide to Time for Business

9

Includes exam-style assessment questions throughout

09

What is insurance?

AL FINA

INSURANCE FOR HOUSEHOLDS AND INDIVIDUALS

Insurance for Households and Individuals

C

ON

A revised edition of the market-leading and highly successful

Time for Business text

NT

The Time for Business package includes:

A Student Textbook

A Student Activity Book

A Free Student e-book

A Teacher’s Resource Book

Free Digital Resources

STUDENT TEXTBOOK

Econo

This second edition of Time for Business is closely aligned to the requirements of the Junior Cycle Business Studies specification. It reflects the first Junior Cycle Exam 2019 and delivers streamlined and updated content based on teacher and market feedback.

SIOBHAN O’SULLIVAN JAMES CUMISKEY TE HAP R

An updated edition of the market-leading Time for Business text for the new Junior Cycle, written by a team of highly experienced teachers – Joe Stafford, Siobhan O’Sullivan, Ultan Henry and James Cumiskey.

WRITTEN BY: JOE STAFFORD

ULTAN HENRY

E

J u n i o r C y c l e B u s i n e ss S t u d i e s

NC

TIME FOR BUSINESS

2nd Edition

STUDENT ACTIVITY BOOK

Provides a range of additional activities to complement the

textbook content Contains templates and formats that reflect the exam

providing students with opportunities to practice Encourages active learning, self-assessment, reflection and

revision

Features a unique revision method to help students to recall information and prepare for exams Includes support for CBA preparation

TEACHER’S RESOURCE BOOK

Time for Business Teacher’s Resource Book provides all the support you need to teach the course, including:

Comprehensive planning guidelines

Unit of Learning planning templates

Scheme of work templates

Suggestions for ongoing assessment

The Educational Company of Ireland If you would like a sample copy, please contact your local representative or Phone: 01-4500611, Email: info@edco.ie, Website: www.edco.ie

TIME FOR BUSINESS Junior Cycle B usiness Studies

Guide to assessment

Suggested key learning, tips and

teaching approaches for each chapter Solutions for all textbook and

activity book questions, including

full accounts solutions, available in both hard copy

and digital formats

Interactive resources and e-book available on

Photocopiables FREE DIGITAL RESOURCES

Interactive resources and e-book available on

Digital Resources

Teachers can access the Time for Business interactive e-book at www.edcolearning.ie, plus a bank of free digital resources, including: › Editable planning templates › Editable PowerPoint chapter summaries › Additional activity worksheets › Solutions to all questions and activities in the textbook and student activity book › Step-by-step accounts that demonstrate accounting exercises › Editable Excel templates › Weblinks that provide links to additional resources › Engaging videos that illustrate business in action

www.timeforbusiness.ie

Interactive resources and e-book available on

Interactive resources and e-book available on

The Educational Company of Ireland

2nd Edition

STUDENT ACTIVITY BOOK

Provides a range of additional activities to complement the

textbook content Contains templates and formats that reflect the exam

providing students with opportunities to practice Encourages active learning, self-assessment, reflection and

revision

Features a unique revision method to help students to recall information and prepare for exams Includes support for CBA preparation

TEACHER’S RESOURCE BOOK

Time for Business Teacher’s Resource Book provides all the support you need to teach the course, including:

Comprehensive planning guidelines

Unit of Learning planning templates

Scheme of work templates

Suggestions for ongoing assessment

The Educational Company of Ireland If you would like a sample copy, please contact your local representative or Phone: 01-4500611, Email: info@edco.ie, Website: www.edco.ie

TIME FOR BUSINESS Junior Cycle B usiness Studies

Guide to assessment

Suggested key learning, tips and

teaching approaches for each chapter Solutions for all textbook and

activity book questions, including

full accounts solutions, available in both hard copy

and digital formats

Interactive resources and e-book available on

Photocopiables FREE DIGITAL RESOURCES

Interactive resources and e-book available on

Digital Resources

Teachers can access the Time for Business interactive e-book at www.edcolearning.ie, plus a bank of free digital resources, including: › Editable planning templates › Editable PowerPoint chapter summaries › Additional activity worksheets › Solutions to all questions and activities in the textbook and student activity book › Step-by-step accounts that demonstrate accounting exercises › Editable Excel templates › Weblinks that provide links to additional resources › Engaging videos that illustrate business in action

www.timeforbusiness.ie

Interactive resources and e-book available on

Interactive resources and e-book available on

The Educational Company of Ireland