Chapter 1 Taking Risks And Making Profit Flashcards Preview

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Flashcards in Chapter 1 Taking Risks And Making Profit Deck (14):
1

Services

Intangible products, such as health care, insurance, recreation, travel and tourism

2

Entrepreneur

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

3

Revenue

Total amount of money that is received during a given period for goods sold, services rendered and other financial sources

4

Profit

Amount a business earns above and beyond what it spends for salaries and other expenses

5

Loss

When a business's expenses are more than its revenues

6

Risks

Refers to the chance of loss, the degree of probability of loss and amount of possible loss

7

Standard of living

The amount of goods and services people can buy with the money they have

8

Quality of life

General well being of society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure and rewards that add to the satisfaction and joy that other goods and services provide

9

Stakeholders

All the people who could lose or gain from a business

10

Offshoring

Sourcing part of the purchased inputs outside the country

11

Outsourcing

Assigning functions such as accounting, production, security, maintenance, and legal work to outside company's

12

Regulations

Restrictions provincial or federal laws placed on businesses with respect to the conduct of their activities

13

Productivity

Amount of output that generated given the amount of input

14

Goods

Tangible products such as computers, food, clothing, cars and appliances