Chapter 1 Vocabulary

A person who risk time and money to start and manage a business

Any activity that seeks to provide goods and services to others while operating at a profit

The total amount of money a business takes in during a given by selling goods and services.

When a business's expenses are more than its revenue.

The amount of money a business earns above and beyond what is spends for salaries and other expenses.

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.

A organization whose goals do not include making a profit for its owners or organizers.

• The sources used to create wealth:
• Land
• Labor
• Capital
• Entrepreneurship
• Knowledge

The amount of output you generate given the amount of input (e.g., hours worked)

The statistical study of the human population with regards to its size, density, and other characteristics such as: age, race, gender and income.