Cost, Revenue And Profit Flashcards
1
Q
What are businesses objectives
A
Maximise profit
Increase market share
Break even- not lose or make money
To survive
2
Q
What would objectives for a small firm be
A
To survive
Provide a good service
Known in the areajt
3
Q
What are business objectives for an established firm
A
Increase sales
Innovate
Expand
4
Q
What do firms use to produce goods
A
Cell
5
Q
How to work out total cost
A
Fixed costs + variable costs
6
Q
How to work out average costs
A
Total costs/ output
7
Q
How to work out total revenue
A
Price x quantity sold
8
Q
How to work out average revenue
A
Total revenue/ output
9
Q
How to work out profit
A
Total revenue-total costs
