BUSI 1800 Lecture 1: 1. Taking risks and making profits
29 Jul 2015
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Document Summary
Goods- tangible products such as computers, food, clothing, cards, and appliances. Services- intangible products such as education, health care insurance, recreation, and travel and tourism. Business- any activity that seeks to provide goods and services to others while operating at a profit. Entrepreneur- a person who risks time and money to start and manage a business. Revenue- the total amount of money that is received during a given period for goods sold, services rendered, and other financial sources. Profit- the amount a business earns above and beyond what it spends for salaries and other expenses. Loss- when a business" expenses are more than its revenues. Risk- refers to the chance of loss, the degree of probability of loss, and the amount of possible loss (e. g. time and money). Standard of living- the amount of goods and services people can buy with the money they have.
