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Chapter 1: Taking Risks and Making Profits within the Dynamic Business Environment

Any activity that seeks to provide goods and services to others while operating at a profit
Tangible products such as computers, food, clothing, cars, and appliances
Intangible products (i.e., products that can't be held in your hand) such as education, health care, insurance, recreation, and travel and tourism
A person who risks time and money to start and manage a business
The total amount of money a business takes in during a given period by selling goods and services
The amount of money a business earns above and beyond what it spends for salaries and other expenses
When a business's expenses are more than its revenues
The chance and entrepreneur takes of losing time and money on a business that may not prove profitable
The amount of goods and services people can buy with the money they have
The general well-being of a 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
All the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address
Contracting with other companies (often in other countries) to do some or all of the functions of a firm, like its production or accounting tasks
An organization whose goals do not include making a personal profit for its owners or organizers
The resources used to create wealth: land, labor, capital, entrepreneurship, and knowledge
The surrounding factors that wither help or hinder the development of business
Everything from phones and copiers to computers, mobile devices, medical imaging machines, and the various software programs and apps that make business processes are effective, efficient, and productive
The amount of output you generate given the amount of input (e.g., hours worked)
The buying and selling of goods over the internet
An electronic storage file for information
Giving frontline workers the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests
The statistical study of the human population with regard to its size, density, and other characteristics such as age, race, gender, and income
The trend toward saving energy and producing products that cause less harm to the environment