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9 terms

Understanding Business (10th Edition) Ch. 1

BUSM 1300
STUDY
PLAY
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.