9.13.10 - 9.13.10 Taking Risks and Making Profits within...

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9.13.10 Taking Risks and Making Profits within the Dynamic Business Environment - Entrepreneurship + Wealth Building Goods – tangible products Services – intangible products Business – any activity that seeks to provide goods and services to others while operating at a profit Entrepreneur – person who risks time and money to start and manage a business Revenues, Profits, and Losses Revenue – total amount of money a business takes in during a given period by selling goods and services Profit – 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 are more than its revenues Matching Risk with Profit Risk – chance an entrepreneur takes of losing time and money on a business that may not prove profitable Standard of Living and Quality of Life Standard of Living – amount of goods and services people can buy with the money they have Quality of Life – general well-being of a society in terms of its political
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9.13.10 - 9.13.10 Taking Risks and Making Profits within...

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