Business 101 Exam 1 Questions and Answers | Already passed | Latest Update

Business 101 Exam 1 Questions and Answers | Already passed | Latest Update value : the relationship between the price of a good or a service and the benefits that it offers 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). The return on investment. loss : when a business incurs expenses that are greater than its revenue entrepreneurs : people who risk their time, money, and other resources to start and manage a business 2 standard of living : the quality and quantity of goods and services available to a population industrial revolution : From the mid-1700s to mid-1800s. As mass production took hold, huge factories replaced skilled artisan workshops. Result was unprecedented production efficiency but also a loss of individual ownership and personal pride in the production process. entrepreneurship era : Emerged in the second half of the 1800s, building business empires. They rose the overall standard of living across the country, but many dominated their markets, forcing out competitors, manipulating prices, exploiting workers, and decimating the environment. Toward the end of the 1800s, government stepped into the business realm, passing laws to regulate business and protect customers and workers, creating more balance in the econom