
Firms' Costs, Revenue, and Objectives
Flashcard
•
Business
•
9th Grade
•
Practice Problem
•
Hard
Muhammed Shaifer
FREE Resource
Student preview

21 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What are costs of production?
Back
Costs of production refer to a firm's expenditure in the process of producing goods and/or providing services.
2.
FLASHCARD QUESTION
Front
What are examples of costs of production?
Back
Wages and salaries, rent, advertising expenses, purchases of raw materials, utility bills, dividend payments, and taxes.
3.
FLASHCARD QUESTION
Front
What are fixed costs (FC)?
Back
Fixed costs are expenses that remain constant regardless of the level of production.
4.
FLASHCARD QUESTION
Front
Give examples of fixed costs.
Back
Salaries, rent, insurance, and loan repayments.
5.
FLASHCARD QUESTION
Front
What are variable costs (VC)?
Back
Variable costs change with the level of output.
6.
FLASHCARD QUESTION
Front
Give examples of variable costs.
Back
Raw materials, labor directly related to production, and component costs.
7.
FLASHCARD QUESTION
Front
What is total cost (TC)?
Back
Total cost (TC) is the sum of fixed costs (FC) and variable costs (VC).
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