COMMERCE 1E03 Chapter Notes - Chapter 1: Outsourcing, Baby Boomers, Offshoring
22 Feb 2015
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Chapter 1 : taking risks and making profits within the. Goods- tangible products such as computers, good, clothing, cars, and appliances. Services- intangible products such as education, health care, insurance, recreation, and travel and tourism. Business- any activity that seeks to provide goods and services to others while operating at a profit. Entrepreneur- a person who risks time and money to start and manage a business. Revenue- the total; amount of money that is received during a given period for goods sold, services rendered, and other financial sources. Profit-the amount a business earns above and beyond what it spends for salaries and other expenses. Loss- when a business"s expenses are more than its revenues. Risk- refers to the chance of loss, the degree of probability of loss, and the amount of possible loss (i. e. , time and money) Standard of living- amount of goods and services people can buy with the money they have.
