Unit 1.1 Intro to Business Management

A product can refer to:

• Goods

• Entrepreneurship

• Services

• Goods and Services

Match the Stages of Production with the sectors they are engaged in:

• Raw Materials thru delivery to consumer

• Tertiary Sector

• Manufacturing, Publishing, Construction

• Quaternary Sector

• Banking, Finance, Insurance, Healthcare

• Secondary Sector

• Agriculture, Fishing, Mining, Forestry

• Primary Sector

• R&D, Consultancy, Scientific Research

• Chain of Production

This function of a business is responsible for the process of converting raw materials to finished goods.

Reorder the following to match the Chain of Production

• Consumers

• Services (tertiary and quaternary output)

• Manufacturing

• Primary Production

_____ are physical products, such as clothing, smartphones, and desks.

Which sector involves the manufactoring of clothing?

Elon Musk is an example of a strong _____ as he is very passionate and excels at innovation across multiple sectors.

Match the department with their task:

• Planning aspects of production

• Finance and Accounts

• Manages employee payroll processing

• Operations Management

• Sets product pricing

• Marketing

• Files corporate taxes

• Human Resources

Match the term with the appropriate definitions:

• Intangible product

• Goods

• Physical product

• Consumer

• People who actually use the product

• Capital Goods

• People who purchase the product

• Services

• Physical products bought by business

• Customer

A _____ is a decision making organization that uses inputs to produce goods and services.