1 IB BUSINESS MANAGEMENT,Introduction to business management 2026 updated version

1 IB BUSINESS MANAGEMENT: INTRODUCTION TO BUSINESS MANAGEMENT


1. Quaternary Sector: A subset of the tertiary sector and involves service jobs concerned with

research, management, administration, and processing and disseminating information.




2. Intrapreneurship: The act of behaving like an entrepreneur while working within a large organ freedom

and financial support is given to create new products, services, systems, etc.




3. Consumer Goods: The physical and tangible goods sold to the general public. They include cars and washing

machines, which are referred to as durable consumer goods. Non-durable consumer go


drinks and sweets that can only be used once


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, 4. Consumer Services: Non-tangible products that are sold to the general public and in modation,


insurance services and train journeys




5. Capital Goods: Physical goods that are used by an industry to aid in the production of o services, ther goods

such as machines and commercial vehicles



6. Factors of Production: Resources needed by businesses to produce goods or ser vices




7. The Factors of Production:


 Land,


 Labour,


 Capital
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