business key terms 2.0 / 5 based on 1 rating ? Business StudiesGCSEOCR Created by: Gianluca ZonaCreated on: 11-12-12 21:56 Sales revenue or sales turnover The amount of money that a business receives from selling what it produces or provides. 1 of 7 price elasticity of demand A measure of the change in the level of demand caused by a changed 2 of 7 fixed costs Those costs that do not change as the business changes the amount it produces. 3 of 7 variable costs Those costs that rise as the business increases production and fall when it reduces production. 4 of 7 total costs The fixed and variable costs of a particular level of production added together. 5 of 7 average costs The cost of each unit produced or provided. 6 of 7 margin of safety The amount by which a business’ actual output is greater than its break-even output. 7 of 7
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