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Chapter 1 Vocabulary
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Entrepreneur
A person who risk time and money to start and manage a business
Business
Any activity that seeks to provide goods and services to others while operating at a profit
Revenue
The total amount of money a business takes in during a given by selling goods and services.
Loss
When a business's expenses are more than its revenue.
Profit
The amount of money a business earns above and beyond what is spends for salaries and other expenses.
Stakeholders
All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address.
Non-Profit Organization
A organization whose goals do not include making a profit for its owners or organizers.
Factors of Production
The sources used to create wealth:
Land
Labor
Capital
Entrepreneurship
Knowledge
Productivity
The amount of output you generate given the amount of input (e.g., hours worked)
Demography
The statistical study of the human population with regards to its size, density, and other characteristics such as: age, race, gender and income.
Author
l8ii
ID
203215
Card Set
Chapter 1 Vocabulary
Description
Vocabulary words from chapter one
Updated
2013-02-25T10:04:31Z
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