sales, revenue and costs

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total revenue
selling price x quantity sold in a given time period
1 of 9
costs
payments a business makes to produce goods/service
2 of 9
fixed costs
not linked to the level of output (how much is produced) e.g. rent, insurance.
3 of 9
variable costs
linked to the level of output (how much is poduced) e.g. raw materials
4 of 9
total costs
fixed costs + variable costs
5 of 9
profit
sales revenue - total costs
6 of 9
average variable costs
variable costs / output
7 of 9
average fixed costs
fixed costs / output
8 of 9
average total costs
total costs / output
9 of 9

Other cards in this set

Card 2

Front

payments a business makes to produce goods/service

Back

costs

Card 3

Front

not linked to the level of output (how much is produced) e.g. rent, insurance.

Back

Preview of the back of card 3

Card 4

Front

linked to the level of output (how much is poduced) e.g. raw materials

Back

Preview of the back of card 4

Card 5

Front

fixed costs + variable costs

Back

Preview of the back of card 5
View more cards

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