BSM 100 Study Guide - Comprehensive Midterm Guide: Bleeding Edge Technology, Customer Satisfaction, Leading Edge

• School: Ryerson University
• Department: Business Essentials
• Course: BSM 100
• Professor: Pierre Pequegnat

Document Summary

Core goal in fast paced environment is to generate long term profits by delivering unsurpassed value to customers. Value the relationship between the price of a good or a service and the benefits that it offers its customers. Business any activity that provides goods and services to earn a profit. Profit the money that a business earns in sales (or revenue) minus expenses, such as the cost of goods and the cost of salaries (revenue expenses = profit (or loss)) Loss when a business incurs expenses that are greater than its revenue. Entrepreneurs people who risk their time, money, and other resources to start and manage businesses. Standard of living the quality and quantity of goods and services available to a population. Quality of life the overall sense of wellbeing experienced by either an individual or a group of people.