1.1 Intro to Business Management

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19 Terms

1

human resources

Manages the personnel of the organization

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2

finance and accounts

Manages the organization’s money

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3

marketing

Responsible for identifying and meeting the needs and wants of customers

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4

operations management

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

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5

primary sector

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

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6

secondary sector

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

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7

tertiary sector

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

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8

quaternary sector

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

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9

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

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10

extraction is from what sector

primary sector

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11

manufacturing is from what sector

secondary sector

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12

services is from what sector

tertiary/quaternary sector

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13

consumer

uses goods/services

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14

customer

buys goods/services

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15

entreprenuer

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

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16

growth

appreciation in the value of the assets of the business

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17

transference and inheritance

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

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18

autonomy

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

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19

GETCASH

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

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