Question: Business

Answer: Any activity that seeks to provide goods and services to others while operating at a profit.

Question: Goods

Answer: TANGIBLE products such as computers, food, clothing, cars, and appliances.

Question: Services

Answer: INTANGIBLE products (i.e., products that can’t be held in your hand) such as education, healthcare, insurance, recreation, and travel and tourism.

Question: Entrepreneur

Answer: A person who risks time and money to start a manage a business.

Question: Revenue

Answer: The total amount of money a business takes and during a given period by selling products & services.

Question: Profit

Answer: The amount of money a business earns above and beyond what it spends for salaries and other expenses.

Question: Loss

Answer: When a business’s expenses are more than its revenues.

Question: In business, to earn a profit you must?

Answer: Provide desired GOODS, JOBS, & SERVICES to people in the area.

Question: Success in business is based on constantly __________________________ to the market.

Answer: Adapting

Question: Once you have developed the right _________________ & _________________, based on consumers’ wants & needs, you need to reach those consumers using whatever __________________ they prefer.

Answer: — Goods & Services

— Media (Including Blogs, Tweets, Facebook, TV advertising, & more).