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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)