GMGT 1010- Final Exam Guide - Comprehensive Notes for the exam ( 244 pages long!)

• School: University of Manitoba
• Department: General Management
• Course: GMGT 1010
• Professor: Brock V.Cordes

Document Summary

Chapter 1 taking risks and making profits within the dynamic business environment: Goods: tangible products such as computers, food, clothing, cars, and appliances. Services: intangible products such as education, health care, insurance, recreation, travel, and tourism. Business: an activity that seeks to provide goods and services to others while operating at a profit. Entrepreneur: a person who risks time and money to start and manage a business o ex: Revenue: total amount of money a business takes during a given period by selling goods and services: revenue = p x q. Profit: the amount of money a business earns in revenue above and beyond what it spends on salaries and other expenses: profit ( ) = total revenue total costs. Loss: when a business"s expenses are more than its revenues. Thousands of businesses enter and exit the marketplace throughout the year.