1.2.2 - Entrepreneurial Motives Flashcards
1
Q
Revenue
A
Revenue = quantity x price
2
Q
Cost
A
Costs are the amount of money a business incurs in order to produce goods or services
3
Q
Variable costs
A
Change as output varies
4
Q
Fixed costs
A
Don’t change as output varies
5
Q
Profit
A
Sales revenue - costs of production
