Questions and Answers
Which of the following is NOT considered an input in the business input-output model?
Technology
Which economic sector is primarily responsible for the extraction and processing of raw materials?
Primary sector
According to Clark's sector model, which sector typically becomes more dominant as an economy develops?
Tertiary sector
Which of the following is not a common challenge faced by startups?
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Which of the following is not a key element of a business plan?
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Which type of business primarily focuses on providing intangible outputs or services?
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What distinguishes social enterprises and non-profit businesses in the updated syllabus of IB Business Management?
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Which of the following is NOT an input in the business input-output model?
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In the context of business operations, what is the primary purpose of adding value to inputs through processes?
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Which sector in Clark's sector model typically involves data, knowledge, and information technology?
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What is the common feature among HR management, finance, marketing, and operations management in businesses?
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'Which challenge commonly faced by startups relates to difficulties in securing sufficient funding?'
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'In the business context, what does B2C refer to?'
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'Which sector primarily involves manufacturing processes?'
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Study Notes
- Business is an organization that provides goods and services for profit or non-profit.
- Updated syllabus of IB Business Management emphasizes social enterprises and non-profit businesses.
- Businesses operate based on the input-output model consisting of inputs, processes, and outputs.
- Inputs in the model include land, labor, capital (financial resources), and entrepreneurship.
- Processes involve adding value to inputs through manufacturing or service provision.
- Outputs can be goods (tangible) or services (intangible) and can be categorized as B2B or B2C.
- All businesses, regardless of size, have four main functions: HR management, finance, marketing, and operations management.
- The four economic sectors are primary (extracting raw materials), secondary (manufacturing), tertiary (services), and quaternary (data, knowledge, IT).
- Clark's sector model shows the development stages of economies through primary, secondary, tertiary, and quaternary sectors.
- Sectors' importance can be measured by employment numbers or GDP contribution.
- Different economies are classified based on the dominance of primary, secondary, tertiary, or quaternary sectors.
- Startups face challenges like limited finance, lack of organization skills, recruitment issues, and competition.
- Business plan elements include the business idea, vision, mission, goals, and incorporation of the four business functions.
