MGMT 100 Study Guide - Final Guide: Switching Barriers, Property Management, E-Commerce
Document Summary
Lo1 illustrate the importance of key business fundamentals to wealth generation. Goods are tangible products such as computers, food, clothing, cars and appliances. Services are intangible products (products that cannot be literally held) such as education, health, insurance, recreation and travel. Business is any activity that seeks to provide goods and services to others while operating a profit. Entrepreneur is a person who risks time and money to start and manage a business: needs a reliable lawyer, accountant, and managers, may have to borrow money, must study at a post-secondary institution to learn about business. Revenue is the total amount of money received during a given period for goods sold and services rendered, and from financial sources. Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses: can be risky as not all business"s turn a profit.
