IB Business Management — Topic 1.1

What is a business?

Topic 1.1 introduces the nature and purpose of business activity, covering needs and wants, factors of production, and the distinction between goods and services. Students learn how businesses create value and why entrepreneurship matters — core vocabulary used throughout the IB Business Management course.

Sub-topics in Topic 1.1

1.1.1Nature of businesses1.1.2Business functions1.1.3Primary, secondary, tertiary, and quaternary sectors1.1.4Process of starting a business1.1.5Opportunities of a new business1.1.6Challenges of a new business

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