business key terms

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Sales revenue or sales turnover
The amount of money that a business receives from selling what it produces or provides.
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price elasticity of demand
A measure of the change in the level of demand caused by a changed
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fixed costs
Those costs that do not change as the business changes the amount it produces.
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variable costs
Those costs that rise as the business increases production and fall when it reduces production.
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total costs
The fixed and variable costs of a particular level of production added together.
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average costs
The cost of each unit produced or provided.
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margin of safety
The amount by which a business’ actual output is greater than its break-even output.
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Other cards in this set

Card 2

Front

A measure of the change in the level of demand caused by a changed

Back

price elasticity of demand

Card 3

Front

Those costs that do not change as the business changes the amount it produces.

Back

Preview of the back of card 3

Card 4

Front

Those costs that rise as the business increases production and fall when it reduces production.

Back

Preview of the back of card 4

Card 5

Front

The fixed and variable costs of a particular level of production added together.

Back

Preview of the back of card 5
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