Chapter 2

Chapter 2 - Business Chapter 1 What is Business Business...

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Business Chapter 1 – What is Business? - Business and Entrepreneurship: Revenues, Profits, Losses Business – Any activity that seeks to provide goods and services to others while operating at a profit Profit – Amount of money a business earns above what it spends for salaries and other expense. Entrepreneur – Person who risks time and money to start and manage a business o Matching Risk with Profit Revenue – total amount of money a business takes in during a given period by selling goods and services Loss – Occurs when a business’ expenses are more than its revenues Starting a business involves risk, or the chance an E takes of losing his time and money if the biz doesn’t succeed. o Businesses add to Standard of Living and Quality of Life Part of an economic system that contribute to standard of living and quality of life Standard of Living - Amount of goods and services people can buy with the money they have; US has high standard of living Quality of Life – The general well-being of a society in terms of political freedom, natural environment, edu., health care, etc. The joy life brings beyond the possession of goods. o
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This note was uploaded on 02/28/2010 for the course AEM 2200 taught by Professor Perez,p.d. during the Spring '07 term at Cornell.

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Chapter 2 - Business Chapter 1 What is Business Business...

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