lecture 1/chapt 1

  1. goods vs services
    • Goods -- Tangible products such as computers, food, clothing, cars and appliances.
    • Services -- Intangible products that can’t be held in your hand like, education, healthcare, insurance, recreation and travel.
    • (Success in business is often based on the strategy of finding a need and filling it)
  2. business vs entrepeneurship
    • Business - Any activity that seeks to provide goods and services to others while operating at a profit.
    • Entrepreneur - A person who risks time and money to start and manage a business.

    (Successfully filling a market need means you could make money for yourself and provide jobs for others.)
  3. revenue vs profit vs loss
    • Revenue - The total amount of money a business takes in during a given period by selling goods and services.
    • Profit - The amount of money a business earns above and beyond what it spends for salaries and other expenses.
    • Loss - Occurs when a business’ expenses are more than its revenues.
Card Set
lecture 1/chapt 1
flash cards key words