business studies

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5 Terms

1
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Start up cost

The cost incurred in setting up a business eg buying till shelves and fridge an improving the property to make it suitable for the business

2
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Operating costs

Incurred in the day to day running of the business eg buying daily stock,milk,rent,paying wages

3
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Fixed cost

costs that do not change eg rent

4
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Variable costs

Change as output increases eg materials

5
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Total costs

Fixed and variable added together