IB Business unit 1 questions with right
answers.
What is business? ANS - meets the needs and wants of stakeholders by producing the goods and
services the people need and want.
How does business meet the costumers wants and needs? ANS - Its buys and utilizes inputs (factors of
production). Land, labour, capital, and entrepreneurship
Who are stakeholders? ANS - Anyone who has an intrest in the business. Customers, managers,
employees, owners etc.
What are the business functions? ANS - marketing, production, accounting, human resources,
objectives, and handling external influences.
What is the primary sector? ANS - production of raw material and commodity foods. mining forestry,
farming, etc.
What is the secondary sector? ANS - manufactures finished goods. Automobile production, energy
utilities.
What is the tertiary sector? ANS - service industry. transportation and distribution, entertainment,
movies, banking, healthcare.
What is the quaternary sector? ANS - intellectual activities. libraries, government, research,
What is the public sector? ANS - organisations controlled by the government. Health and education
services, defense, law and order.
What is the private sector? ANS - businesses owned and controlled by private individuals or groups.
answers.
What is business? ANS - meets the needs and wants of stakeholders by producing the goods and
services the people need and want.
How does business meet the costumers wants and needs? ANS - Its buys and utilizes inputs (factors of
production). Land, labour, capital, and entrepreneurship
Who are stakeholders? ANS - Anyone who has an intrest in the business. Customers, managers,
employees, owners etc.
What are the business functions? ANS - marketing, production, accounting, human resources,
objectives, and handling external influences.
What is the primary sector? ANS - production of raw material and commodity foods. mining forestry,
farming, etc.
What is the secondary sector? ANS - manufactures finished goods. Automobile production, energy
utilities.
What is the tertiary sector? ANS - service industry. transportation and distribution, entertainment,
movies, banking, healthcare.
What is the quaternary sector? ANS - intellectual activities. libraries, government, research,
What is the public sector? ANS - organisations controlled by the government. Health and education
services, defense, law and order.
What is the private sector? ANS - businesses owned and controlled by private individuals or groups.
