Explain the concepts of revenue, costs, and profit.
Revenue is the money companies make from selling goods and services to customers. Costs are the expenses companies pay for the resources needed to produce goods and services. Profit is the money companies have leftover after paying their costs.
Businesses do not operate in a vacuum but rather in a dynamic environment that has a direct influence on how they operate and whether they will achieve their objectives.
Instead of functioning alone, businesses must navigate accordingly to an environment where multiple factors, inside and out, all contribute to it's operation.