IB Business and Management [Only SL] Full Revision Exam.
1. Added Value The ditterence between a product's price and the total cost of the inputs
that went into making it; the extra worth created in the production
process.
2. Businesses Organizations that are involved in the production of goods and/or the
provision of services.
3. Capital All non-natural resources used in the production process; examples: money
resources (machinery, tools, equipment, factories).
4. Division of Labor The specialization of workers in the provision of goods and/or services
by breaking a job down into particular roles or components that are
repeated by the same workers.
5. Entrepreneurs People who manage, organize, and plan the other three factors of
production; risk takers who exploit business opportunities in return for
profits.
6. Factors of The inputs (or resources) necessary for the production process: land,
Pro- duction
labor, capital, and enterprise (aka entrepreneurship).
7. Functional Areas Refer to the ditterent sections of a business, i.e. marketing, production,
finance,
and human resource departments.
8. Labor The physical and mental human ettort used in the production process.
9. Land Natural resources that can be found on the planet, including renewable an
non-renewable natural resources such as water, fish, wood, and
physical land itself.
10. Opportunity Cost The cost measured in terms of the next best alternative that is foregone
when a
11 Primary The businesses involved in the cultivation or extraction of natural
. Sector resources, such as farming, mining, quarrying, fishing, oil exploration,
and forestry.
, IB Business and Management [Only SL] Full
Revision
Study online at https://quizlet.com/_2bbr5s
choice is being made, e.g. money today can be either spent for immediate
benefit or saved for the future.
20 limited
. Liability
2/
45
, IB Business and Management [Only SL] Full Revision Exam.
12. Secondary Sector The section of the economy where business activity is concerned with the
con-
struction and manufacturing of physical products; automation and
mechanization in modern societies has seen this sector decline in
terms of employment.
13. Tertiary Sector The section of the economy where business activity is concerned with the
provision of services to customers; in modern societies, it is the largest
sector in terms of employment and output.
14. Articles of Associ- the document that sets out the internal organization and rules of a limited
ation company, including the powers of each director and voting rules; a
compulsory document needed to set up a company
15. Certificate of the document issued to a limited company to show that it has been legally
In- corporation
formed and is therefore a separate legal entity from its owners; this
certificate allows the company to begin trading shares
16. charities not-for-profit organizations that are established to support good causes,
from
society's point of view; examples include the prevention of animal cruelty, the
preservation of the natural environment, or providing assistance to the
elderly
17. company a business that is owned by shareholders; it possesses a certificate of
incorpora- tion that gives it a separate legal identity from its owners
18. Deed of the legal contract signed by the owners of a partnership; the formal
Partner- ship
document includes the fundamental issues of the business, such as
the name and respon- sibilities of each partner and their share of any
profits or losses
11 Primary The businesses involved in the cultivation or extraction of natural
. Sector resources, such as farming, mining, quarrying, fishing, oil exploration,
and forestry.
, IB Business and Management [Only SL] Full
Revision
Study online at https://quizlet.com/_2bbr5s
19. incorporation there is a legal ditterence between the owners of a company and the
business
itself that ensures that the owners are safeguarded against any losses
made by the company as the owners are protected by limited liability
20 limited
. Liability
2/
45
1. Added Value The ditterence between a product's price and the total cost of the inputs
that went into making it; the extra worth created in the production
process.
2. Businesses Organizations that are involved in the production of goods and/or the
provision of services.
3. Capital All non-natural resources used in the production process; examples: money
resources (machinery, tools, equipment, factories).
4. Division of Labor The specialization of workers in the provision of goods and/or services
by breaking a job down into particular roles or components that are
repeated by the same workers.
5. Entrepreneurs People who manage, organize, and plan the other three factors of
production; risk takers who exploit business opportunities in return for
profits.
6. Factors of The inputs (or resources) necessary for the production process: land,
Pro- duction
labor, capital, and enterprise (aka entrepreneurship).
7. Functional Areas Refer to the ditterent sections of a business, i.e. marketing, production,
finance,
and human resource departments.
8. Labor The physical and mental human ettort used in the production process.
9. Land Natural resources that can be found on the planet, including renewable an
non-renewable natural resources such as water, fish, wood, and
physical land itself.
10. Opportunity Cost The cost measured in terms of the next best alternative that is foregone
when a
11 Primary The businesses involved in the cultivation or extraction of natural
. Sector resources, such as farming, mining, quarrying, fishing, oil exploration,
and forestry.
, IB Business and Management [Only SL] Full
Revision
Study online at https://quizlet.com/_2bbr5s
choice is being made, e.g. money today can be either spent for immediate
benefit or saved for the future.
20 limited
. Liability
2/
45
, IB Business and Management [Only SL] Full Revision Exam.
12. Secondary Sector The section of the economy where business activity is concerned with the
con-
struction and manufacturing of physical products; automation and
mechanization in modern societies has seen this sector decline in
terms of employment.
13. Tertiary Sector The section of the economy where business activity is concerned with the
provision of services to customers; in modern societies, it is the largest
sector in terms of employment and output.
14. Articles of Associ- the document that sets out the internal organization and rules of a limited
ation company, including the powers of each director and voting rules; a
compulsory document needed to set up a company
15. Certificate of the document issued to a limited company to show that it has been legally
In- corporation
formed and is therefore a separate legal entity from its owners; this
certificate allows the company to begin trading shares
16. charities not-for-profit organizations that are established to support good causes,
from
society's point of view; examples include the prevention of animal cruelty, the
preservation of the natural environment, or providing assistance to the
elderly
17. company a business that is owned by shareholders; it possesses a certificate of
incorpora- tion that gives it a separate legal identity from its owners
18. Deed of the legal contract signed by the owners of a partnership; the formal
Partner- ship
document includes the fundamental issues of the business, such as
the name and respon- sibilities of each partner and their share of any
profits or losses
11 Primary The businesses involved in the cultivation or extraction of natural
. Sector resources, such as farming, mining, quarrying, fishing, oil exploration,
and forestry.
, IB Business and Management [Only SL] Full
Revision
Study online at https://quizlet.com/_2bbr5s
19. incorporation there is a legal ditterence between the owners of a company and the
business
itself that ensures that the owners are safeguarded against any losses
made by the company as the owners are protected by limited liability
20 limited
. Liability
2/
45
