IB Business Management SL - 1.1. Business activities

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Role of business

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21 Terms

1

Role of business

To combine human, physical and financial resources to create goods and services.

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2

Business activity

Businesses combine different input factors to produce outputs as goods or services, which can be consumed by customer.s

<p>Businesses combine different input factors to produce outputs as goods or services, which can be consumed by customer.s</p>
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3

Factors of production

Land, labor, capital, enterprise

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4

Land

The place where business is located

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5

Labor

The physical and mental human effort used in the production process

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6

Capital

It can be financial (money used to set up the business) or physical (machinery and tools used in production)

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7

Enterprise

The entrepreneur develops an idea, and then organizes other resources to carry out the business activity

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8

Business functions

Operations management, marketing, Human Resources management, and finance.

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9

Operations management

Changing natural resources into a product or the supply of the service.

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10

Marketing

Identifying and satisfying consumer needs

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11

Human Resources management

Managing the workforce in the organization

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12

Finance

Responsible for the control of money flow in a business.

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13

Primary production sector

The cultivation and extraction of natural resources from the earth

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14

Secondary production sector

The manufacturing, processing and construction of products by transforming the raw materials produced in the primary sector

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15

Tertiary production sector

The provision of services

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16

Needs

What a person needs to have to survive

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17

Wants

What a person wishes to have

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18

Goods

Physical products

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19

Services

Intangible products

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20

Client

Person who buys the product

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21

Consumer

Person who uses the product

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