BMGT 110 Chapter Notes - Chapter 1: Retail

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 110
• Professor: All

Document Summary

Chapter 1: taking risks and making proits within the dynamic business environment. Business = acivity that seeks to provide goods & services to others while operate at proit. Goods=tangible products ex food services=intangible products ex educaion. Entrepreneur=person who ricks ime & ime to start & manage a business. Rev=total amount of $ business takes in during pd by selling goods/services. Proit=amount $ earn above & beyond what it spends on expenses for operaion. Risk=chance of losing ime & money on business that may not be proitable. Wealth business make and taxes help communiies, create jobs. ~taxes fund welfare like schools, roads, help environment. Businesses & economic system contribute to stad of living and qual of life. Standard of living=amount of goods/services people can buy w/ their $ Stakeholders=all people who can gain/lose by police & aciviies of business. Outsourcing = contracing w/ other companies to do pts of irms funcion.