Introduction to Business Administration Exam Review |UPDATED| #latest

Introduction to Business Administration Exam Review |UPDATED| #latest Business *Ans* Any activity that seeks to provide goods or services while operating at a profit. Revenue *Ans* The total amount of money a business takes in during a given period of time by selling goods and services. Profit *Ans* The amount of money a business earns beyond what it spends for salaries and other expenses. Risk *Ans* The chance an entrepreneur takes of losing time and money on a business that may not prove profitable. Reward *Ans* The greater the risk, the better the reward... Entrepreneur *Ans* A person who risks time and money to start and manage a business. Stakeholders *Ans* All people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address. Economics *Ans* the study of how society employs resources to produce goods and services for consumption among various groups and individuals. Capitalism *Ans* All or most of the land/factories and stores are owned by individuals, not the government, and operated for profit. Supply *Ans* Quantities of products businesses are willing to sell at different prices. Demand *Ans* Quantities of products consumers are willing to buy at different prices. Exporting *Ans* Selling products to another country. Importing *Ans* Buying products from another countr