MGMT 1 Chapter Notes - Chapter 1: Customer Service, Outsourcing, Retail
21 Jul 2016
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Document Summary
Success in business is based on constantly adapting to the market. Business = any activity that seeks to provide goods and services to others while operating at a profit. Goods = tangible products such as computers, food, clothing, cars, and appliances. Services = intangible products (i. e. products that can"t be held in your hand) such as education, health care, insurance, recreation, and travel and tourism. Entrepreneur = a 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 = 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"s expenses > revenues. Risk = the chance an entrepreneur takes of losing time and money on a business that may not prove profitable.
