IB Business Management- 1.1 Test Questions And Answers 2023

IB Business Management- 1.1 Test Questions And Answers 2023 Consumer Goods - Answer-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 Consumer Services - Answer-Non-tangible products that are sold to the general public and include hotel accommodation, insurance services and train journeys Capital Goods - Answer-Physical goods that are used by an industry to aid in the production of other goods and services, such as machines and commercial vehicles Factors of Production - Answer-Resources needed by businesses to produce goods or services The 4 Factors of Production - Answer-Land, Labour, Capital and Enterprise Land - Answer-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 Labor - Answer-The physical and mental human effort used in the production process Capital - Answer-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) Enterprise - Answer-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 Business Functions - Answer-Marketing, Finance, Human Resource Management, Operations Management Marketing - Answer-The commercial processes involved in creating and designing, promoting and selling and distributing a product or service Finance - Answer-The management of money and credit and banking and investments Human Resource Management - Answer-The process of determining human resource needs and then recruiting, selecting, developing, motivating, evaluating, compensating, and scheduling employees to achieve organisational objectives Continues...