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What is the difference between revenue and profit?

Revenue is the total amount of money a business takes in during a given period by selling goods and services. Profit is the amount of money a business earns above and beyond what it spends for salaries and other expenses needed to run the operation

What is the difference between standard of living and quality of life?

The term standard of living refers to the amount of goods and services people can buy with the money they have. The term quality of life refers to the general well-being of a society in terms of its political freedom, natural environment, education, health care, safety, amount of leisure, and rewards that add to the satisfaction and joy that other goods and services provide.

What is risk, and how is it related to profit?

Risk is the chance an entrepreneur takes of losing time and money on a business that may not prove profitable. Profit is the amount of money a business earns above and beyond what it pays out for salaries and other expenses

What do the terms stakeholders, outsourcing, and insourcing mean?

Stakeholders are all the people who stand to gain or lose by the policies and activities of a business and whose concerns the business needs to address.

Outsourcing means contracting with other companies (often in other countries) to do some or all of the functions of a firm, like its production or accounting tasks. Insourcing, on the other hand, is a business practice performed within the operational infrastructure of the organization.

What is the difference between revenue and profit?

Chapter 1

What are some of the advantages of working for others?

The advantage of working for others is that somebody else assumes the company’s entrepreneurial risk and provides you with benefits like paid vacation time and health insurance. It’s a good option, and many people choose it

What benefits do you lose by being an entrepreneur, and what do you gain?

As an entrepreneur, you don’t receive any benefits such as paid vacation time, day care, a company car, or health insurance. You have to provide them for yourself! But what you gain—freedom to make your own decisions, opportunity, and possible wealth—is often worth the effort

What are the five factors of production?

  1. Land (or natural resources)
  2. Labor (workers).
  3. Capital
  4. Entrepreneurship
  5. Knowledge

Which ones seem to be the most important for creating wealth?

Land and Knowledge



Chapter 1

What are four ways the government can foster entrepreneurship?

  • Allowing private ownership of business.
  • Passing laws that enable businesses to write enforceable contracts.
  • Establishing a currency that is tradable in world markets.
  • Minimizing corruption in business and in its own ranks.

What’s the difference between effectiveness, efficiency, and productivity?

Productivity is the amount of output you generate given the amount of input, such as the number of hours you work. Effectiveness is doing the right things. Efficiency is doing things in a right way

What is empowerment?

To meet the needs of customers, firms must give their frontline workers—for example, office clerks, front-desk people at hotels, and salespeople—the responsibility, authority, freedom, training, and equipment they need to respond quickly to customer requests. They also must allow workers to make other decisions essential to producing high-quality goods and services. The process is called empowerment

What are some of the major issues affecting the economy today?

War and Terrorism

The Increase in the Number of Single-Parent Families

The Increase in the Number of Older Citizens

What major factor caused people to move from farming to manufacturing and from manufacturing to the service sector?

Farming to manufacturing – Technology, like the harvester and cotton gin, changed the farming industry making it more efficient. This led to fewer farmers with larger farms.


What does the future look like for tomorrow’s college graduates?

We’re in the midst of an information-based global and technical revolution that will alter all sectors of the economy: agricultural, industrial, and service. It’s exciting to think about the role you’ll play in that revolution. You may be a leader who will implement the changes and accept the challenges of world competition based on world quality standards.What is the difference between revenue and profit?