HomeIB Business ManagementTopic 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.

Study Topic 1.1: What is a business?Read the complete notes with key terms and exam tips
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IB Business Management · Topic 1.1

Sub-topics in Topic 1.1

1.1.1The nature of business1.1.2Business functions1.1.3Primary, secondary, tertiary and quaternary sectors1.1.4Starting a business1.1.5Opportunities of a new business1.1.6Challenges of a new business