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Glossary of Lesson 1: Introducing Business

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The level of ability to buy goods and services
standard of living
The chance you take of losing time and money on a business that may not prove profitable.
risk
A person who takes the risk of starting and managing a business
entrepreneur
Earnings above and beyond what a business spends for salaries, expenses and other costs.
profit
When a business's costs and expenses are more than its revenues.
loss
the general well-being of a society.
quality of life
the resources used to create wealth: land, labor capital, entreprenuership, and knowledge
factors of production
Everyone who might gain or lose due to the policies and activities of a business
stake holders
An organization whose goals do not include making a personal profit for its owners.
nonprofit organization
Any activity that seeks profit by providing needed goods and services to others.
business
The value of what is recieved for goods sold, services rendered and other sources.
revenue

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