Unit 1 Exam Study Sheet

Unit 1 Exam Study Sheet - Sheet1 Page 1 1 What is a...

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Unformatted text preview: Sheet1 Page 1 1. What is a business? Any activity that seeks to provide goods and services to others while operating at a profit. 2. What is profit? The amount of money a business earns above and beyond what it spends for salaries and other expenses. 3. What is an entrepreneur? What makes them different from just someone who owns a business? A person who risks time and money to start and manage a business. 4. What is risk? How does it relate to profit? 4 The chance an entrepreneus takes of losing time and money on a business that may not prove profitable. 5. What is the standard of living? The amount of goods and services people can buy with the money they have. 6. What is the quality of life? The general well-being of a society in terms of political freedom, a clean natural enviornment, education, health care, safety, f ***Read about Entrepreneurship versus Working for Others*** ****Know the 5 factors of production and which are really key to the creation of wealth**** ***Know the 5 elements of the business environment and examples of each*** ____________________________________________________________________________________________________ 1. What is economics? The study of how society chooses to employ resources to produce goods and services and distribute them for consumption am 2. Why was economics called the "dismal science"?...
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This test prep was uploaded on 04/07/2008 for the course BUSINESS 101 taught by Professor Barbour-conerty during the Fall '07 term at Parkland.

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Unit 1 Exam Study Sheet - Sheet1 Page 1 1 What is a...

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