IB Business Management- 1.1 Test
Questions And Answers 2023
Consumer Goods - Answer-The physical and tangible goods sold to the general public.
They
... [Show More] include cars and washing machines, which are referred to as durable consumer
goods. Non-durable consumer goods include food, drinks and sweets that can only be
used once
Consumer Services - Answer-Non-tangible products that are sold to the general public
and include hotel accommodation, insurance services and train journeys
Capital Goods - Answer-Physical goods that are used by an industry to aid in the
production of other goods and services, such as machines and commercial vehicles
Factors of Production - Answer-Resources needed by businesses to produce goods or
services
The 4 Factors of Production - Answer-Land, Labour, Capital and Enterprise
Land - Answer-Natural resources that can be found on the planet. This includes
renewable and non-renewable natural resources such as water, wood, fish and physical
land itself
Labor - Answer-The physical and mental human effort used in the production process
Capital - Answer-The finance needed to set up a business and pay for its continued
operations or expansion. Also includes the man-made goods used in the production
process (capital goods)
Enterprise - Answer-Risk taking individuals who combine the other factors of production
into a unit that is capable of producing goods and services. It provides a managing,
decision-making and coordinating role
Business Functions - Answer-Marketing, Finance, Human Resource Management,
Operations Management
Marketing - Answer-The commercial processes involved in creating and designing,
promoting and selling and distributing a product or service
Finance - Answer-The management of money and credit and banking and investments
Human Resource Management - Answer-The process of determining human resource
needs and then recruiting, selecting, developing, motivating, evaluating, compensating,
and scheduling employees to achieve organisational objectives
Operations Management - Answer-The management of processes used to design,
supply, produce, and deliver goods and services to customers
Primary Sector - Answer-Firms engaged in farming, fishing, oil extraction and all other
industries that extract natural resources so that they can be used and processed by
other firms
Secondary Sector - Answer-Firms that manufacture and process products from natural
resources, including computers, brewing, baking, clothing and construction
Tertiary Sector - Answer-Firms that provide services or products to consumers and
other businesses, such as retailing, transport, insurance, banking, hotels, tourism and
telecommunications
Quaternary Sector - Answer-A subset of the tertiary sector and involves service jobs
concerned with research and development, management and administration, and
processing and disseminating information.
Businesses - Answer-Organizations that are involved in the production of goods and/or
the provision of services
Entrepreneurs - Answer-People who manage, organise and plan the other three factors
of production. They are risk takers who exploit business opportunities in return for profit
Intrapreneur - Answer-An individual who behaves like an entrepreneur while working
within a large organization which enables them to create new products, services,
systems, etc.
What are the roles of entrepreneurs?... [Show Less]