1.1 Introduction to Business-Questions and Answers Graded A+

1.1 Introduction to Business-Questions and Answers Graded A+ Outsourcing - ANSWER-Setting up businesses abroad to produce parts and products for domestic use or sale Offshoring - ANSWER-The movement of some of a company's operations to another country Marketing - ANSWER-the process of developing, promoting and distributing products, or goods and services. Human Resources - ANSWER-People who work to produce goods and services. Production - ANSWER-The making of goods and services Operations Management - ANSWER-Effectively directing the major activities of a business to achieve its goals. Business Sector - ANSWER-Sells goods and services to consumers. Products market Primary Sector - ANSWER-the sector of the economy concerned with or relating to primary industry. Secondary Sector - ANSWER-The part of the economy that transforms raw materials into manufactured goods Tertiary Sector - ANSWER-the part of the economy that involves services rather than goods Quaternary Sector - ANSWER-Economic activities concerned with research, information gathering, and administration. Production Chain - ANSWER-manufacturing turns raw materials to finished products Vertical Integration - ANSWER-acquiring firms at different levels of channel activity Horizontal Integration - ANSWER-system of consolidating many firms in the same business Entrepreneurship - ANSWER-A self-proprietor or one who creates and assumes all risks of a business.