Introduction to Business Administration

Business - correct answer Any activity that seeks to provide goods or services while operating at a profit. Revenue - correct answer The total amount of money a business takes in during a given period of time by selling goods and services. Profit - correct answer The amount of money a business earns beyond what it spends for salaries and other expenses. Risk - correct answer The chance an entrepreneur takes of losing time and money on a business that may not prove profitable. Reward - correct answer The greater the risk, the better the reward... Entrepreneur - correct answer A person who risks time and money to start and manage a business. Stakeholders - correct answer 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 - correct answer the study of how society employs resources to produce goods and services for consumption among various groups and individuals. Capitalism - correct answer All or most of the land/factories and stores are owned by individuals, not the government, and operated for profit. Supply - correct answer Quantities of products businesses are willing to sell at different prices. Demand - correct answer Quantities of products consumers are willing to buy at different prices. Exporting - correct answer Selling products to another country.