BUS 100 - Chapter 1

BUS 100 - Chapter 1 - Term Definition business Any activity...

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Term: business Definition: Any activity that seeks to provide goods and services to others while operating at a profit Term: Goods Definition: Tangible products such as computers, food, clothing, cars, and appliances Term: services Definition: intangible products (i.e., products that can't be held in your hand) such as education, health care, insurance, recreation), and travel and tourism Term: entrepreneur Definition: a person who risks time and money to start and manage a business Term: revenue Definition: the total amount of money of business takes in during a given period by selling goods and services
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Term: profit Definition: The amount of money a business earns above and beyond what it spends for salaries and other expenses. Term: loss Definition: when a business's expenses are more than its revenues Term: risk Definition: the chance an entrepreneur takes of losing time and money on a business that may not prove profitable Term: standard of living Definition: the amount of goods and services people can buy with the money they have.
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