Understanding Business 13th edition chapter 1 and 2 Quiz All Solved.

Goods - Answer are tangible products such as computers, food, clothing, cars, and appliances Services - Answer are intangible products such as education, healthcare, insurance, recreation and travel and tourism entrepreneur - Answer is a person who risks time and money to start and manage a business revenue - Answer is the total amount of money a business takes in during a given period by selling goods and services Loss - Answer When a business's expenses are more than its revenues Profit - Answer is the amount of money a business earns above and beyond what it spends for salaries and other expenses needed to run the operation Risk - Answer is the chance on entrepreneur takes of losing time and money on a business that may not prove profitable Technology - Answer means everything from phones, computers, mobile devices, medical imaging, and social media Productivity - Answer is the amount of output you generate given the amount of input such as a number of hours you work Economics - Answer is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups Invisible Hand - Answer is used to describe the process that turns self directed gain into social and economic benefits for all supply - Answer refers to quantities of products manufacturers or owners are willing to sell at different prices at a specific time Demand - Answer refers to the quantity of products that people are willing to buy at different prices at a specific time