COMMERCE 1B03 Chapter Notes - Chapter 1: Identity Theft, High Tech, Capital Good
18 Apr 2013
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Document Summary
Business: any activity that seeks to provide goods and services to others while operating at a profit. 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 manage a business. Revenue: the total amount of money a business takes in during a given period by selling goods and services. Loss: when a business"s expenses are more than its revenues. Risk: the chance an entrepreneur takes of losing time and money on a business that may not provide profitable. Stakeholders: all the people who stand to gain or lose by the policies and activities of a business. Offshoring: sourcing part of the purchased inputs outside of the country. Outsourcing: assigning various functions, such as accounting, production, security, maintenance, and legal work to outside organization. Non-profit organization: an organization whose goals do not include making a personal profit for its owners or organizers.
