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

15 views6 pages

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.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents