1.1 Introduction to Business Management

Question 1

Needs

Answer 1

The basic necessities a person must have to survive.

Question 2

Wants

Answer 2

People’s desires; things they’d like to have.

Question 3

Consumers

Answer 3

Are the people or organizations who actually use a product.

Question 4

Customers

Answer 4

Are the people or organizations who purchase the product.

Question 5

Entrepreneurs

Answer 5

A person who sets up a business and takes financial risks in hopes to gain profit.

Question 6

Intrepreneurship

Answer 6

A system that allows an employee to act like an entrepreneur within the business.

Question 7

Business

Answer 7

Organizations involved in identifying the wants and needs of customers, and providing goods and services.

Question 8

Business Plan

Answer 8

The documents which set out the businesses ideas; goals and objectives and other details of how it will operate.

Question 9

Product

Answer 9

Refers to goods and services.

Question 10

Primary Sector

Answer 10

Involved in the extraction of natural resources.

Question 11

Secondary Sector

Answer 11

Involved in the manufacturing of products.

Question 12

Tertiary Sector

Answer 12

Involved in providing products to the public.

Question 13

Quaternary Sector

Answer 13

Involved in actives that collect information.