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Lecture Understanding business (10/e): Chapter 1 - William G. Nickels, James M. McHugh, Susan M. McHugh

Chapter 1 - Taking risks and making profits within the dynamic business environment. In this chapter, the learning objectives are: Describe the relationship between profit and risk, and show how businesses and nonprofits can raise the standard of living for all; compare and contrast being an entrepreneur and working for others; analyze the effects of the economic environment and taxes on businesses;. | Taking Risks and Making Profits within the Dynamic Business Environment Chapter 01 McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Describe the relationship between profit and risk, and show how businesses and nonprofits can raise the standard of living for all. Compare and contrast being an entrepreneur and working for others. Analyze the effects of the economic environment and taxes on businesses. Describe the effects of technology on businesses. Demonstrate how businesses can meet and beat competition. Analyze the social changes affecting businesses. Identify what businesses must do to meet global challenges, including war and terrorism. Review how past trends are being repeated in the present and what those trends mean for tomorrow’s college graduates. LEARNING GOALS Chapter One 1- Goods -- Tangible products such as computers, food, clothing, cars and appliances. Services -- Intangible products (that can’t be held in your . | Taking Risks and Making Profits within the Dynamic Business Environment Chapter 01 McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Describe the relationship between profit and risk, and show how businesses and nonprofits can raise the standard of living for all. Compare and contrast being an entrepreneur and working for others. Analyze the effects of the economic environment and taxes on businesses. Describe the effects of technology on businesses. Demonstrate how businesses can meet and beat competition. Analyze the social changes affecting businesses. Identify what businesses must do to meet global challenges, including war and terrorism. Review how past trends are being repeated in the present and what those trends mean for tomorrow’s college graduates. LEARNING GOALS Chapter One 1- Goods -- Tangible products such as computers, food, clothing, cars and appliances. Services -- Intangible products (that can’t be held in your hand) like education, healthcare, insurance, recreation and travel. Successfully filling a market need means you could make money for yourself and provide jobs for others. GOODS and SERVICES Entrepreneurship and Wealth Building LG1 1- Entrepreneurship and Wealth Building Business -- Any activity that seeks to provide goods and services to others while operating at a profit. Entrepreneur -- A person who risks time and money to start and manage a business. Success in business is often based on the strategy of finding a need and filling it. BUSINESS and ENTREPRENEURSHIP LG1 1- Revenues, Profits and Losses Revenue -- The total amount of money a business takes in during a given period by selling goods and services. Profit -- The amount of money a business earns above and beyond what it spends for salaries and other expenses. Loss -- Occurs when a business’s expenses are more than its revenues. Risk -- The chance an entrepreneur takes of losing time and money on a business that