Sales, Revenue and Costs (Edexcel A-Level Business): Flashcards
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Practise the cards
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Sales volume
Sales volume
Quantity of units sold over a particular time period
Sales revenue formula
Sales revenue formula
Price × Quantity of output
Fixed costs
Fixed costs
Costs that remain constant regardless of output levels
Variable costs
Variable costs
Costs that rise in direct proportion to output levels
Total cost formula
Total cost formula
Fixed cost + Variable cost
Average cost formula
Average cost formula
Total cost ÷ Output
Profit formula
Profit formula
Total revenue - Total costs
Short run (definition)
Short run (definition)
Period where at least one factor of production is fixed
Long run (definition)
Long run (definition)
Period where all factors of production can vary
Semi-variable costs
Semi-variable costs
Costs containing both fixed and variable elements