IB BUSINESS UNIT 1 EXAM QUESTIONS AND ANSWERS - 100%
VERIFIED - LATEST 2026 - GUARANTEED PASS
Business: What is it? By creating the products and services that people
require and desire, ANSWER satisfies the requirements and desires of
stakeholders.
How do businesses satisfy the demands and desires of their customers?
The response It purchases and makes use of inputs, or production factors.
Capital, labor, land, and entrepreneurship
Stakeholders are who? Anyone interested in the business should respond.
Clients, supervisors, workers, proprietors, etc.
What are the functions of the business? Marketing, production,
accounting, human resources, goals, and managing outside influences are
all addressed.
The main sector is what? The manufacture of commodities foods and raw
materials. agricultural, forestry, mining, etc.
The secondary sector: what is it? ANSWER produces final products.
energy utilities and automobile manufacturing.
The tertiary sector: what is it? ANSWER service sector. distribution and
transportation, entertainment, film, finance, and medical care.
The quaternary sector: what is it? ANSWER intellectual pursuits.
government, libraries, research,
The public sector: what is it? ANSWER organizations under government
control. Law and order, defense, and health and education services.
The private sector: what is it? ANSWER companies that are controlled
and owned by private individuals or organizations.
Merit goods: what are they? ANSWER : Businesses offer services to the
market at a level below optimal, typically due to decreased earnings.
immunizations and education.
VERIFIED - LATEST 2026 - GUARANTEED PASS
Business: What is it? By creating the products and services that people
require and desire, ANSWER satisfies the requirements and desires of
stakeholders.
How do businesses satisfy the demands and desires of their customers?
The response It purchases and makes use of inputs, or production factors.
Capital, labor, land, and entrepreneurship
Stakeholders are who? Anyone interested in the business should respond.
Clients, supervisors, workers, proprietors, etc.
What are the functions of the business? Marketing, production,
accounting, human resources, goals, and managing outside influences are
all addressed.
The main sector is what? The manufacture of commodities foods and raw
materials. agricultural, forestry, mining, etc.
The secondary sector: what is it? ANSWER produces final products.
energy utilities and automobile manufacturing.
The tertiary sector: what is it? ANSWER service sector. distribution and
transportation, entertainment, film, finance, and medical care.
The quaternary sector: what is it? ANSWER intellectual pursuits.
government, libraries, research,
The public sector: what is it? ANSWER organizations under government
control. Law and order, defense, and health and education services.
The private sector: what is it? ANSWER companies that are controlled
and owned by private individuals or organizations.
Merit goods: what are they? ANSWER : Businesses offer services to the
market at a level below optimal, typically due to decreased earnings.
immunizations and education.
