GEB 4455- Midterm Exam Guide - Comprehensive Notes for the exam ( 118 pages long!)
Document Summary
Abusiness is any activity that seeks to provide goods and services to others while operating at a profit. To earn that profit, you provide desired goods, jobs, and services to people in the area. Goods are tangible products such as computers, food, clothing, cars, and appliances. An entrepreneur is a person who risks time and money to start and manage a business. Revenue is the total amount of money a business takes in during a given period by selling goods and services. Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses needed to run the operation. A loss occurs when a business"s expenses are more than its revenues. If a business loses money over time, it will likely have to close, putting its employees out of work. About 80,000 businesses in the united states close each year.
