Uab bus 102 test 1 - Study guides, Class notes & Summaries

Value - the relationship between the price of a good or service and the benefits that it offers its customers Business - any organization or activity that provides goods and services in an effort to earn a profit Profit - the money that a business earns in sales or revenue, minus expenses, such as the cost of goods, and the cost of salaries. Revenue - Expenses = Profit (or Loss) Loss - when a business incurs expenses that are greater than its revenue Entrepreneurs - people who risk t...

Value - answers-the relationship between the price of a good or service and the benefits that it offers its customers Business - answers-any organization or activity that provides goods and services in an effort to earn a profit Profit - answers-the money that a business earns in sales or revenue, minus expenses, such as the cost of goods, and the cost of salaries. Revenue - Expenses = Profit (or Loss) Loss - answers-when a business incurs expenses that are greater than its revenue E...