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Chapter 1 Terms.docx - Chapter 1 Terms Goods — tangible...

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Chapter 1 TermsGoods — tangible products such as computers, clothing, cars, andappliancesServices- intangible products (i.e., products you can't hold in yourhand) such as education, health care, insurance, recreation travelBusiness- any activity that seeks to provide goods and services toothers while generating profitEntrepreneur- a person who risks time and money to start and managea businessRevenue- total amount of money received given period for goods soldand services rendered, and from other financial resourcesProfit - the amount a business earns above and beyond what it spendsfor salaries and other expensesLoss - when a business's expenses are more than its revenuesRisk- the chance of loss, the degree of probability of loss, and theamount of possible loss (i.e., time and money)standard of living - the amount of goods and services people can buywith the money they haveQuality of life- the general well-being of a society in terms of its

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Term
Fall
Professor
N/A
Tags
Economics, Marketing, Business to business

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