unit 1.6 (quizlet version Flashcards
1
Q
revenue calculation
A
Selling price x quantity sold
2
Q
Fixed cost
A
Expenses that stay the same regardless of output
2
Q
Variable costs
A
Expenses that change with ouput
3
Q
total costs calulation
A
fixed costs + variable costs
4
Q
Profit calculation
A
Revenue - total costs
5
Q
uncertanity
A
Some factors are unpredictable in a given situation
6
Q
Risk
A
The possibility of something going wrong
