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
Being Numerate
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
Managing Information and Thinking
Being Literate
Compensation is a financial payment insured loss.
theft travel insurance underinsurance uninsurable utmost good faith
risk
Communicating
Being Creative
An insurance policy sets out details of compensation to be paid.
the amount of the types of losses covered and
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
›› Developing a blog
iBeacons
Impact of digi
›› Increases sales
›› Major investm ent required ›› Will need to employ professional
Blogs
insurance insurance broker insurance policy
employee PRSI endowment policy
HA
ENTERPRISE
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 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
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
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