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I Honestly Just Need to Get Some Answers.

In: Other Topics

Submitted By ceeelizabeth
Words 791
Pages 4
Chapter 1: Business Now: Change Is The Only Constant:


Business: Organization or activity that provides goods and services in an effort to earn a profit.

Sales=Revenues: Money coming into a company.

Expenses: Bills companies have to pay in order to operate.

Earnings=Income=Profit: Money companies can “put in the bank” at the end of the year.

Profit: Money earned in sales/revenue, minus expenses.

Sales – Expenses=Profit or Loss.

Loss: When expenses are greater than sales/revenue.

Non-Profits: Business-like establishments that employ people and produce goods and services.
+Aim to contribute to the community rather than generating financial gain.
+Produce goods and services to support economic stability and growth in a region.

-GoalGenerate long-term profits by delivering unsurpassed value to the customers.

Value: Relationship between the price of a good or a service and the benefits that it offers its customers.

-Thriving Business improves standard of living of people, contributes to higher quality of life.

Standard of Living: Quality and quantity of goods and services available to a population.

Quality of Life: Overall sense of well-being experienced by an individual or a group.

Consumer: Buys goods and services for their own personal consumption.

U.S. Economy: 70% of the Gross Domestic Product (a measure of the size of the U.S. economy) comes from consumer purchases.

Entrepreneurs: People who risk their time, money, and other resources to start and manage a business for a profit.
+Entrepreneurs take the risk of launching and operating their own business.
+Create opportunities by harnessing other factors of production.

-Factors of Production:
+Elements that businesses need to achieve their objectives.
+Natural Resources.
+Human Resources.

Natural Resources:…...

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