COMMERCE 1E03 Chapter Notes - Chapter 1: Nonprofit Organization, Identity Theft, Offshoring
8 Mar 2017
School
Department
Course
Professor
Document Summary
Goods: tangible products such as computers, food, clothing, cars, and appliances. Services: intangible products such as education, health care, insurance, recreation, and travel and tourism. Business: any 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. Revenue: the total amount of money that is received during a given period for goods sold, services rendered, and other financial sources. Profit: the amount a business earns above and beyond what it spends for salaries and other expenses. Loss: (cid:449)he(cid:374) a busi(cid:374)ess s expe(cid:374)ses are (cid:373)ore tha(cid:374) its re(cid:448)e(cid:374)ues. Risk: refers to the chance of loss, the degree of probability of loss, and the amount of possible loss. Standard of living: the amount of goods and services people can buy with the money they have.
