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1 IB Business Management: 1.1 Introduction to Business Management

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Quaternary Sector

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Terms in this set (29)

Quaternary Sector

A subset of the tertiary sector and involves service jobs concerned with research and development, management and administration, and processing and disseminating information.

Image: Quaternary Sector

Intrapreneurship

The act of behaving like an entrepreneur while working within a large organization where freedom and financial support is given to create new products, services, systems, etc.

Image: Intrapreneurship

The physical and tangible goods sold to the general public. They include cars and washing machines, which are referred to as durable consumer goods. Non-durable consumer goods include food, drinks and sweets that can only be used once

Image: Consumer Goods

Consumer Services

Non-tangible products that are sold to the general public and include hotel accommodation, insurance services and train journeys

Image: Consumer Services

Physical goods that are used by an industry to aid in the production of other goods and services, such as machines and commercial vehicles

Image: Capital Goods

Factors of Production

Resources needed by businesses to produce goods or services

Image: Factors of Production

The Factors of Production

Land, Labour, Capital and Enterprise

Image: The Factors of Production

Natural resources that can be found on the planet. This includes renewable and non-renewable natural resources such as water, wood, fish and physical land itself

Image: Land

The physical and mental human effort used in the production process

Image: Labour

The finance needed to set up a business and pay for its continued operations or expansion. Also includes the man-made goods used in the production process (capital goods)

Image: Capital

Risk taking individuals who combine the other factors of production into a unit that is capable of producing goods and services. It provides a managing, decision-making and coordinating role

Image: Enterprise

Business Functions

Marketing, Finance, Human Resource Management and Operations Management

Image: Business Functions

The commercial processes involved in creating and designing, promoting and selling and distributing a product or service

Image: Marketing

The management of money and credit and banking and investments

Image: Finance

Human Resource Management

The process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organisational objectives

Image: Human Resource Management

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