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15 cards from this deck
Business organisations combining resources to create goods/services for profit
Employment, innovation, govt revenue, satisfy consumer needs
TR=Price×QuantityTR = Price \times QuantityTR=Price×Quantity
AR=TRQAR = \frac{TR}{Q}AR=QTR
Additional revenue from selling one more unit
TC=FixedCosts+VariableCostsTC = Fixed Costs + Variable CostsTC=FixedCosts+VariableCosts
AC=TCQAC = \frac{TC}{Q}AC=QTC
Additional cost of producing one more unit
Period where at least one factor of production is fixed
Period where all factors of production are variable
MR=MCMR = MCMR=MC
Increasing production leads to lower average costs
Bulk purchasing, labour specialisation, finance, marketing
Firms become too large, causing average costs to rise
Growth/market share, survival, CSR, satisficing, employee welfare
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