COMMERCE 1E03 Chapter Notes - Chapter 1: Major Force, Food Miles, High Standard Manufacturing Company

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Document Summary

Business-any activity that seeks to provide goods and services to other while operating at a profit. Entrepreneur-person who risks time and money to start and manage a business. The entrepreneur must have several important skills in business and have reliable people at their side and be able to deal with financial institutions. Revenue-money received in a given period for goods sold, services rendering , and other financial sources. Profit-amt of money business earns above and beyond expenses. Loss- occurs when a business"s expenses are more than revenues. Continuation of loss may result in the closing of the business. Risk- chance of loss, the degree of probability of lss, and the amt of poss. loss. Taxes paid by businesses provide government services, help of community. Standard of living- amt of goods and services ppl can buy w/ the money they have.

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