3.3 - Revenue & Costs - 2023

What does the red line represent?

• Fixed Costs

• Variable Costs

• Total Costs

• Direct Costs

What does the red line represent?

• Fixed Costs

• Variable Costs

• Total Costs

• Indirect Costs

What does the red line represent?

• Fixed Costs

• Variable Costs

• Total Costs

• Total Revenue

Match the following

• R - TC

• Per Unit Cost

• Q x P

• Total Costs

• FC + VC / Q

• Revenue

• FC + VC

• Profit

Profit is the amount of money that a business gets to keep after ​ (a)   have been subtracted from ​ (b)  

• TC
• R
• FC
• VC

The income that a firm gets from any of its specific business activities.

• Revenue Stream

• Profit

• Per Unit Income

• Indirect Income

What is paid by the business for resources, materials, labor - any amount spent by the firm to create or get something of value.

• Costs

• Per Unit Costs

• Opportunity costs

• Start up Costs

Match the following

• Costs incurred to manufacture goods or services

• Running Costs

• The cost of a good that is used by firm to produce other goods

• Labor costs

• Costs incurred from day to day operations

• Transportation costs

• Costs incurred when getting a firm's products to consumers

• Production costs

• Costs of physical or mental effort

• Capital Costs

​ (a)   costs are any benefits that a firm misses out on by choosing another option. ​ (b)   costs are the costs of missing out on the alternative option PLUS the ​ (c)   cost of the choice that was made.

• Opportunity
• True
• Actual
• Indirect

Costs that are specifically related to an individual project or the output of a particular product.

• Indirect Costs

• Direct Costs

• Total Costs

• None of the answers are correct