final notes

final notes - INTRODUCTION TO BUSINESS MANAGEMENT Chapter...

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INTRODUCTION TO BUSINESS MANAGEMENT Chapter 1: What is business? I. Business and Entrepreneurship: revenues, Profits, and Losses a. Terms: a.i. Business ; any activity that seeks to provide goods and services to others while operating at a profit a.ii. Profit : the amount of money a business earns above and beyond what it spends for salaries and other expenses a.iii. Entrepreneur : a person who risks time and money to start and manage a business b. Matching Risk with Profit b.i. Revenue : the total amount of money a business takes in during a given period b selling goods and services b.ii. Loss: when a business’s expenses are more than its revenues b.iii. Risk : the change an entrepreneur takes of losing time and money on a business that may not prove profitable c. Businesses add to the standard of living and quality of life c.i. Standard of living : the amount of goods and services people can buy with the money they have c.i.1. US has one of the highest standards of living in the world
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final notes - INTRODUCTION TO BUSINESS MANAGEMENT Chapter...

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