fixed cost - These are the costs that will not change, regardless of how much you produce or sell, Variable cost - These costs vary (change) based on how much you produce (ie materials, labor, etc), Total cost - This is the total cost of how much it costs to produce a product., marginal cost - This is the cost of producing one more, marginal revenue - This is also known as the price, and is the cost that your business receives for selling 1 more of each product, Total revenue - This is the amount of money coming into the business before you have paid any of your costs (salaries, bills, etc), Profit - This is how much you have left over in your pockets once you have paid all of your production costs,

Production Charts Vocab

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