Business 1.60- Costs

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Variable Costs
Costs that vary directly with the business's level of output
1 of 6
Fixed Costs
Those costs that do not change when a business change it's output
2 of 6
Total Costs
Fixed costs plus variable costs
3 of 6
Revenue
income a firm receives from selling it's goods and services
4 of 6
Internal growth
Occurs when a business gets bigger by selling more of it's products
5 of 6
External growth
occurs when a business gets bigger by joining or buying other businesses
6 of 6

Other cards in this set

Card 2

Front

Those costs that do not change when a business change it's output

Back

Fixed Costs

Card 3

Front

Fixed costs plus variable costs

Back

Preview of the back of card 3

Card 4

Front

income a firm receives from selling it's goods and services

Back

Preview of the back of card 4

Card 5

Front

Occurs when a business gets bigger by selling more of it's products

Back

Preview of the back of card 5
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