[FM 116] - Final Exam Guide - Everything you need to know! (22 pages long)

• School: FIT
• Department: Fashion Business Management
• Course: FM 116
• Professor: George Sanchez

Document Summary

Business=change because of the market changes and the consumer changes. Business basics: putting it all into context: business: organization or activity that provides goods and services in an effort to earn a profit. Profit: money earned in sales/revenue, minus expenses. Loss: when expenses are greater than sales/revenue. Non-profits: business-like establishments that employ people and produce goods and services. Aim to contribute to the community rather than generating financial gain. Produce goods and services to support economic stability and growth in a region. Non-profits are not supposed to make a profit; money has to go towards a cause. Role of business in the economy: goal is to generate long-term profits by delivering unsurpassed value to the customers. Value: relationship between the price of a good or service and the benefits that is offers its customers. Business basics: key definitions: thriving business improves standard of living of people, contributes to higher quality of life.