COMMERCE 1E03 Chapter Notes - Fall 2014 Chapter 1 - List of Bubblegum Crisis characters

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Chapter 1: taking risks and making profits within the. Goods: tangible products such as computers, food, clothing, cars, and appliances. Services: intangible products (ie. products that can"t be held in your hand) 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, service rendered, and other financial sources. Profit: the amount a business earns above and beyond what it spends for salaries and other expenses. Loss: when a business"s expenses are more than its revenues. Risk: refers to the chance of loss, the degree of probability of loss, and the amount of possible loss (ie. time and money)

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