a decision-making organization established to produce goods and provide services.

Main Functions of Business

Human Resources, Finance + Accounting, Marketing, Operations

Primary Sector of Business

extraction of resources, fishing, farming

Secondary Sector of Business

Manufacturing, utilities, construction

Tertiary Sector of Business

retail, financial services, communication, hospitality and leisure, real estate + information technology.

Quaternary Sector of Business

Education, Public Sector, Research and Development.

one that assumes the risks, responsibilities, and operations of a business.

an employee who is tasked with developing an innovative idea.

controlled by a regional and/ or national government, with the main aim of being able to provide essential goods and services for the general public.

business owned and run by private individuals or organizations that usually aim to earn a profit. They operate independently of the government, although needs to operate within the rules of the country

commercial business that strives to earn a profit for its owners. it is owned by two or more people. Max of 20 people.

companies/ corporations

commercial for profit businesses owned by shareholders.

Social Enterprises/ Social Purpose Organizations (SPO)

combine social +commercial agendas in order to achieve heir social and environmental agenda. Strive to gain a financial surplus to facilitate social gain.

Corporate Social Responsibility

refers to the value, decisions, and actions that impact society in a positive way. An organizations moral obligations to its stakeholders, the community, society as a whole and the environment.

individuals, businesses, or groups with a vested interest in the activities and outcomes of a specific organization. All stakeholder groups are directly affected by the performance of the business.

External stakeholders

Are individuals and parties, not part of the organization.

Internal stakeholders

Direct interest in the activities and performance of the business/ organization.

enable a business to benefit from lower average costs by increasing the size of its operations.

Diseconomies of scale

will occur if the firm grows beyond its ability to operate efficiently causes the firms average costs of production to rise.

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Unit 1 IBBM

Question	Answer
Business	a decision-making organization established to produce goods and provide services.
Main Functions of Business	Human Resources, Finance + Accounting, Marketing, Operations
Primary Sector of Business	extraction of resources, fishing, farming
Secondary Sector of Business	Manufacturing, utilities, construction
Tertiary Sector of Business	retail, financial services, communication, hospitality and leisure, real estate + information technology.
Quaternary Sector of Business	Education, Public Sector, Research and Development.
Entrepreneurs	one that assumes the risks, responsibilities, and operations of a business.
Intrapreneurs	an employee who is tasked with developing an innovative idea.
public sector	controlled by a regional and/ or national government, with the main aim of being able to provide essential goods and services for the general public.
private sector	business owned and run by private individuals or organizations that usually aim to earn a profit. They operate independently of the government, although needs to operate within the rules of the country
Sole trader	owned by a single person
partnership	commercial business that strives to earn a profit for its owners. it is owned by two or more people. Max of 20 people.
companies/ corporations	commercial for profit businesses owned by shareholders.
Social Enterprises/ Social Purpose Organizations (SPO)	combine social +commercial agendas in order to achieve heir social and environmental agenda. Strive to gain a financial surplus to facilitate social gain.
Corporate Social Responsibility	refers to the value, decisions, and actions that impact society in a positive way. An organizations moral obligations to its stakeholders, the community, society as a whole and the environment.
stakeholders	individuals, businesses, or groups with a vested interest in the activities and outcomes of a specific organization. All stakeholder groups are directly affected by the performance of the business.
External stakeholders	Are individuals and parties, not part of the organization.
Internal stakeholders	Direct interest in the activities and performance of the business/ organization.
Economies of scale	enable a business to benefit from lower average costs by increasing the size of its operations.
Diseconomies of scale	will occur if the firm grows beyond its ability to operate efficiently causes the firms average costs of production to rise.

Created by: user-1822744

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