1.1 Intro to Business Management

human resources

Manages the personnel of the organization

finance and accounts

Manages the organization’s money

marketing

Responsible for identifying and meeting the needs and wants of customers

operations management

Responsible for the process of converting raw materials and components into finished goods

primary sector

Businesses in this sector are involved in the extraction, harvesting and conversion of natural resources

secondary sector

Businesses in this sector are involved in the manufacturing or construction of products

tertiary sector

Businesses in this sector specialize in providing services to the general population

quaternary sector

Businesses in this sector are involved in intellectual, knowledge-based activities that generate and share information

chain of production

links all the production sectors by tracking the stages of an item’s production from the extraction of raw materials all the way through to it being delivered the consumer

extraction is from what sector

primary sector

manufacturing is from what sector

secondary sector

services is from what sector

tertiary/quaternary sector

consumer

uses goods/services

customer

buys goods/services

entreprenuer

an individual who plans, organizes and manages a business, taking on financial risks in doing so

growth

appreciation in the value of the assets of the business

transference and inheritance

entrepreneurs pass on their businesses to the next generation of children to secure the future of the younger generation

autonomy

independence/freedom of choice and flexibility in how a business is run by the self-employed

GETCASH

growth, earnings, transference, challenge, autonomy, security, hobbies