IB Business Management SL - 1.1. Business activities

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21 Terms

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Role of business
To combine human, physical and financial resources to create goods and services.
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Business activity
Businesses combine different input factors to produce outputs as goods or services, which can be consumed by customer.s
Businesses combine different input factors to produce outputs as goods or services, which can be consumed by customer.s
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Factors of production
Land, labor, capital, enterprise
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Land
The place where business is located
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Labor
The physical and mental human effort used in the production process
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Capital
It can be financial (money used to set up the business) or physical (machinery and tools used in production)
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Enterprise
The entrepreneur develops an idea, and then organizes other resources to carry out the business activity
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Business functions
Operations management, marketing, Human Resources management, and finance.
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Operations management
Changing natural resources into a product or the supply of the service.
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Marketing
Identifying and satisfying consumer needs
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Human Resources management
Managing the workforce in the organization
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Finance
Responsible for the control of money flow in a business.
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Primary production sector
The cultivation and extraction of natural resources from the earth
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Secondary production sector
The manufacturing, processing and construction of products by transforming the raw materials produced in the primary sector
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Tertiary production sector
The provision of services
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Needs
What a person needs to have to survive
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Wants
What a person wishes to have
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Goods
Physical products
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Services
Intangible products
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Client
Person who buys the product
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Consumer
Person who uses the product