BUSI 1600U Chapter 1: Understanding Canadian Business [BUSI1600] - Chapter 1 Notes
Document Summary
Profit > the amount of money a business brings in above and beyond wha t it pays out in salaries and expenses. Revenue > the total amount of money a business takes in during a given period by selling goods and services. Loss > occurs when a business" expenses are more than its revenues. Risk > the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. The higher the risk, generally the more profitable the busines s. Business > any activity that seeks to provide goods and services to ot hers while operating at a profit. Businesses provide people with the opportunity to become wealt hy. Entrepreneur > a person who risks time and money to start and manage a business. Entrepreneurs are not solely motivated by money. Sometimes, th ey are more interested in providing a product or service to better the life of s ociety.
