MGMT 1 Chapter Notes - Chapter 1: Social Environment, Uniform Commercial Code, Nonprofit Organization
Document Summary
Chapter 1: taking risks & making profits within the dynamic business. Business : any activity that seeks to provide goods and services to others while operating at a profit. To earn, provide desired goods, jobs, services to people. Goods : tangible products (computers, food, clothing, etc) Services : intangible products (products that can"t be held in your hand education, health care, insurance, etc) Entrepreneur : person who risks time and money to start and manage a business. Revenue : total amount of money a business takes in during a given period by selling goods and services. Profit : amount of money a business earns above and beyond what it spends for salaries. Loss : when business"s expenses are more than its revenues. Lose money over time shut down no work. Risk : chance entrepreneur takes of losing time & money on a business that may not prove profitable. Starting business huge risks huge profits.
