Chapter 1

Chapter 1 - Taking Risks and Making Profits within the...

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Taking Risks and Making Profits within the Dynamic Business Environment
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Learning Objectives ± Know the relationship between profit and risk ± Compare and contrast being an entrepreneur and working for others ± Describe the effects of technology on businesses ± Analyze social changes affecting businesses ± Know how past trends are repeated and effect they will have on you!
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Entrepreneurship and Wealth Building ± Goods are: ± Tangible products such as computers, food, clothing, cars, and appliances ± Services are: ± Intangible products such as education, health care, insurance, recreation, and tourism ± Business: ± Any activity that seeks to provide goods and services to others while operating at a profit ± Entrepreneur
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Revenues, Profits, and Losses ± Revenue: ± The 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 (take home) ± Loss ± Risk ± Chance an entrepreneur takes of losing time and money on a business that may not prove profitable
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Chapter 1 - Taking Risks and Making Profits within the...

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