Understanding Business (10th Edition) Ch. 1

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9 terms · BUSM 1300

business

Any activity that seeks to provide goods and services to others while operating at a profit

goods

Tangible products such as computers, food, clothing, cars, and appliances

services

Intangible products (i.e., products that can't be held in your hand) such as education, health care, insurance, recreation, and travel and tourism.

entrepreneur

A person who risks time and money to start and manage a business

revenue

The total amount of money a business takes in during a given period by selling goods and services.

profit

The amount of money a business earns above and beyond what it spends for salaries and other expenses

loss

When a business's expenses are more than its revenues.

risk

The chance an entrepreneur takes of losing time and money on a business that may not prove profitable.

standard of living

The amount of goods and services people can buy with the money they have.

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