Added Value Flashcards by Sofia B

Q

what is added value?

A

the increase in value a business creates during the production or service process

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Q

whats the equation for added value?

A

selling price-cost of raw materials

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Q

what are 4 ways to increase added value?

A

purchase cheaper raw materials
raise the price of the product (depends on ped)
improve efficiency of production process
offering additional services like a telephone helpline

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