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MGMT100 CH.1

Understanding Economic Systems & Business

QuestionAnswer
What is a business? An organization that provides goods and services to customers to earn a profit.
T/F: goods are tangible products. True!
T/F: Phones, cars, and clothes are considered services. FALSE. Phones, cars, and clothes are GOODS.
What are services? Intangible actions. Ex. Healthcare, education, and haircuts.
How is the standard of living measured? It's measured by how many goods & services people can buy with their income.
What are two ways businesses improve the standard of living? Creating jobs and producing goods & services efficiently.
Define revenue. The money a business earns from selling goods/services.
What are costs? Costs are expenses. Ex. rent, wages, and supplies.
How do you calculate profit? Profit= revenue - costs
Created by: Butterduc
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