BMGT 110 Chapter Notes - Chapter 1: Wu Xing, Nonprofit Organization, Insourcing
17 Feb 2014
School
Department
Course
Professor
Document Summary
Business - any activity that seeks to provide goods and services to others while operating. Goods - tangible products such as computers, food, clothing, cars, and appliances. Services - intangible products such as education, health care, insurance, recreation and. Entrepreneur - a person who risk time and money to start and manage a business. Revenue - the total amount of money a business takes in during a given period by selling at a profit. travel and tourism. goods and services. Profit - the amount of money a business earns above and beyond what it spends for salaries and other expenses needed to run the operation. Loss - occurs when a business expenses are more than its revenues. Risk - is the change entrepreneur takes of losing time and money on a business that may. Standard of living - the amount of goods and services people can buy with the money not prove profitable. they have.
