COMMERCE 1B03 Lecture : Commerce 1B03 Notes.doc
15 Dec 2012
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Chapter 1: managing within the dynamic business environment 2. Business: any activity that seeks to provide goods and services to others while operating a profit. Starting a business can be extremely risky behavior. Business provides people the opportunity to be wealthy. Business are not solely there just to help entrepreneurs to make mon- ey, they also exists to provide people with necessities such as food, clothing, housing, medical care, transportation, etc. Profit: the amount a business earns above and beyond what it spends for salaries and other expenses. Entrepreneur: a person who risks time and money to start and man- age a business. Risk: the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. Revenue: the total amount of money a business takes in during a giv- en period by selling goods and services. Loss: when a business"s expenses are more than its revenues.
