IB Chapter 1.1 Definitions

Question 1

The section of the economy where business activity is concerned with the provision of services

Accepted Answer

tertiary sector

Question 2

The people or organisations that actually use a product

Accepted Answer

consumer

Question 3

The act of behaving like an entrepreneur but as an employee within a large organisation

Accepted Answer

Intrapreneurship

Question 4

Can refer to both goods and services. Goods and physical and services are intangiable

Accepted Answer

Products

Question 5

The section of the economy where businesses are concerned with construction and manufacturing

Accepted Answer

secondary sector

Question 6

People who take risks and manage the factors of production to start and run a business

Accepted Answer

Entrepreneurs

Question 7

Organisations involved in the production of goods and/or the provision of services

Accepted Answer

Businesses

Question 8

People's desires. Things they would like to have but can live without

Accepted Answer

want

Question 9

A shift in the relative share of gross domestic product (GDP) attributed to each sector

Accepted Answer

sectoral change

Question 10

The document that sets out the business idea, its goals and objectives

Accepted Answer

business plan

Questions 10