CHAPTER 1

  1. business
    an organized effort to provide the things that people need and want and are willing to pay for. A business exists in order to satisfy those customers needs, and also to make a profit
  2. five characteristics common to all businesses
    • 1. businesses are "organized efforts"
    • 2. a business provides things that ppl need and want
    • 3. a business must try to satisfy customers needs
    • 4. a business generates revenue from sales
    • 5. businesses try to make a profit
  3. revenue
    is the money that flows into a business every time it sells a product or a service to a customer
Author
AbbyKrish
ID
340620
Card Set
CHAPTER 1
Description
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Updated