BSM 100 Study Guide - Midterm Guide: Canadian National Railway, Motorola Solutions, The Spinoff

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Ranjita Singh

Document Summary

Value: the relationship between the price of a good or a service and the benefits that it offers its customers. Business: any activity that provides goods and services in an effort to earn a profit. (includes not-for-profit organizations- focus on causes not profit) Profit: the money that a business earns in sales (or revenue) minus expenses, such as the cost of goods and the cost of salaries (revenue- expenses=profit (or loss)) Loss: when a business incurs expenses that are greater than its revenue. Entrepreneurs: people who risk their time, money, and other resources to start and manage businesses. Standard of living: the quality and quantity of goods and services available to a population. Quality of life: the overall sense of well being experienced by either an individual or a group. Non-for-profit organizations: business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain.