buisness revenue, cost and profit
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9 Terms
1
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what type of costs are there
fixed cost
variable cost
2
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define fixed cost
costs that don’t change in relation to the output
3
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define variable costs
costs that do change in relation to output
4
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examples of fixed cost
rent
wages that don’t have relation to output
marketing cost
product development cost
insurance
5
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examples of variable costs
raw materials
wages that do have relation to output
supplier costs
6
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define revenue
the money made from selling goods
7
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formula for revenue
price x quantity
8
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formula for total cost
fixed + variable cost
9
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formula for profit
revenue - cost
Note 
Flashcards (53)