Understanding Business (10th Edition) Ch. 1
Any activity that seeks to provide goods and services to others while operating at a profit
Tangible products such as computers, food, clothing, cars, and appliances
Intangible products (i.e., products that can't be held in your hand) such as education, health care, insurance, recreation, and travel and tourism.
A person who risks time and money to start and manage a business
The total amount of money a business takes in during a given period by selling goods and services.
The amount of money a business earns above and beyond what it spends for salaries and other expenses
When a business's expenses are more than its revenues.
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.