Introduction to business Flashcards
1
Q
Some examples of goods? (remember at least 4)
A
Food Metal Bricks Water Clothing Books etc.
2
Q
Examples of services? (remember at least 4)
A
banking repair transport security delivery etc.
3
Q
The 4 factors of production?
A
Land
Labour
Capital
Entrepreneurship
4
Q
Formula for total cost?
A
fixed cost + variable cost
5
Q
formula for total revenue?
A
price sold at x quantity sold
6
Q
Formula for profit?
A
Total revenue - Total cost
