IT 104 - Chapter 1

IT 104 - Chapter 1 - Chapter1 1.

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Chapter 1 1. A business  is any activity that seeks to provide goods and services to others  while operating at a profit. 2. Profit      is the amount of money a business earns above and beyond what it  spends for salaries and other expenses. 3. An entrepreneur  is a person who risks time and money to start and manage a  business. 4. Revenue      is the total amount of money a business takes in during a given period  by selling goods and services. 5. Loss      occurs when a business’s expenses are more than its revenue. 6. Standard of living      refers to the amount of goods and services people can buy  with the money they have. 7. Quality of life      refers to the general well-being of a society in terms of political  freedoms, a clean environment, education, health care, safety free time, and  everything else that leads to satisfaction and joy. 8.
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IT 104 - Chapter 1 - Chapter1 1.

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