IB Business Management: Business Fundamentals and Sectors
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Questions and Answers

Which of the following is NOT considered an input in the business input-output model?

  • Entrepreneurship
  • Labor
  • Technology (correct)
  • Land
  • Which economic sector is primarily responsible for the extraction and processing of raw materials?

  • Tertiary sector
  • Secondary sector
  • Primary sector (correct)
  • Quaternary sector
  • According to Clark's sector model, which sector typically becomes more dominant as an economy develops?

  • Quaternary sector
  • Tertiary sector (correct)
  • Primary sector
  • Secondary sector
  • Which of the following is not a common challenge faced by startups?

    <p>Stable market share</p> Signup and view all the answers

    Which of the following is not a key element of a business plan?

    <p>Pricing strategy</p> Signup and view all the answers

    Which type of business primarily focuses on providing intangible outputs or services?

    <p>Tertiary sector business</p> Signup and view all the answers

    What distinguishes social enterprises and non-profit businesses in the updated syllabus of IB Business Management?

    <p>Their orientation towards social impact</p> Signup and view all the answers

    Which of the following is NOT an input in the business input-output model?

    <p>Technology</p> Signup and view all the answers

    In the context of business operations, what is the primary purpose of adding value to inputs through processes?

    <p>To enhance the quality or usefulness of products/services</p> Signup and view all the answers

    Which sector in Clark's sector model typically involves data, knowledge, and information technology?

    <p>Quaternary sector</p> Signup and view all the answers

    What is the common feature among HR management, finance, marketing, and operations management in businesses?

    <p>'They are all support functions for the core business operations'</p> Signup and view all the answers

    'Which challenge commonly faced by startups relates to difficulties in securing sufficient funding?'

    <p>'High market competition'</p> Signup and view all the answers

    'In the business context, what does B2C refer to?'

    <p>'Business-to-customer transactions'</p> Signup and view all the answers

    'Which sector primarily involves manufacturing processes?'

    <p>'Secondary sector'</p> Signup and view all the answers

    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.

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    Description

    Explore the fundamental concepts of business, including input-output model, business functions, economic sectors, and Clark's sector model. Learn about the components of a business plan and the challenges faced by startups. Updated syllabus of IB Business Management covers social enterprises and non-profit businesses.

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