2.5 Cost of Production

Costs of Production

Open Ended

What is the ultimate goal of a business?

Open Ended

There are 2 different types of costs. Name them.

Open Ended

A cost that does NOT change is called what type of cost?

Open Ended

Costs that change with the level of production are called_____

Open Ended

How do you find TOTAL COSTS? In other words, what is the basic math you perform?

Open Ended

Fixed Costs PLUS Variable costs EQUIAL __________

Open Ended

All of the $$ that a business brings in is called _________

Open Ended

All the $$ you make

MINUS

All the $$ you spend

EQUALS

__??___