SUBUS100

The relationship between the price of a good or a service and the benefits that it offers its customers. (Chapter 1, page 3)

Any activity that provides goods and services in an effort to earn a profit.  (Chapter 1, page 3)

The money that a business earns in sale (or revenue) minues expenses, such as the cost of goods, and the cost of salaries.

Revenue - Expenses = Profit (or loss)

(Chapter 1, page 3)

When a business incurs expenses that are greater than its revenue. (Chapter 1, page 3)

People who rish their time, money, and other resources to start and manage a business.  (Chapter 1, page 3)