COMM 102 Lecture 1: Chapter 1 Government Roles
Document Summary
Business an organizaion that strives for a proit by providing goods and services desired by it customers. Most goods come with a service (warranty) Services intangible oferings (cannot be stored and usually need to be customized) Standard of living measurement of outputs of products (private and public) that people can buy with the money they have. Quality of life general level of human happiness. Risk the chance that an investments" actual return will be diferent than expected. Potenial for losing resources (ime/money) or be unable to accomplish organizaional goals. If it falls on your foot and you feel it, it a good . Revenue the money a company earns, also called sales, net income and so on. Costs expenses to generate the revenue, also referred to as expenses. Proit the diference between revenue and costs, also called net, net income, income and so on. A not-for-proit organizaion exists to achieve some other goal than the usual business goal for proit.