lecture 1/chapt 1
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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)
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.)
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.
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