Learn: Business 1.1 Vocab Quiz | Quizlet
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10 Terms
Business
A decision-making organization that uses inputs such as labor and raw materials to produce outputs of goods or services
Entrepreneur
An individual who plans, organizes, and manages a business, taking financial risks in the process
Primary Sector
Businesses that extract natural resources, e.g., farming, mining, and fishing.
Secondary Sector
Businesses that manufacture or build products.
Tertiary Sector
Businesses that provide services to customers or consumers.
Quaternary Sector
Knowledge-based services, e.g., R&D, ICT, and management information systems.
Human Resources Management
About managing people in an organization to achieve its goals.
Finance and Accounting Management
Ensure that business has & uses funds in a way to continue operating sustainably
Marketing
Defining customer's needs & designing and selling products that answer these needs
Operations Management
Plan, organize & control resources needed to produce product