theme 1 (business)

• revenue = price x quantity
• total cost = fixed costs + variable costs per unit
• fixed cost = cost that stays the same regardless of how much you sell/make e.g. rent, wages, insurance
• variable cost = cost that changes depending on how much you sell/make
• variable cost = quantity (made/sold) x cost per unit (product)
• profit or lose = revenue - total cost
• revenue= money from sales (may also be called " turnover" or "sales revenue" or "sales")
• cost of sales = any cost associated with making the product
• why new business ideas come out

  changes in tech, changes in what customers want and products and services becoming obsolete
• Enterprise


  another word for business to be able to turn an idea into a successful business
• Entrepreneur

  someone willing to take the risk