Costs & Revenues Flashcards
1
Q
What is fixed costs?
A
Costs which do not change as output changes
2
Q
What is total cost?
A
The combined total of fixed costs and variable costs for any level of output
3
Q
What is variable costs?
A
Costs which can vary with the number of items sold or produced
4
Q
What are liabilities?
A
The debts of a business both long and short term
5
Q
Costs of production?
A
Payments for buying or hiring the resources needed to make a product, sell goods or provide a service
