Keywords

• Sales revenue


  How much money a business makes
• Customer


  Somebody who buys the product a business is selling
• Product


  A physical item that a business sells
• Service


  Actions done for you by someone else in exchange for money
• Local business


  A business in your area or community, e.g. local shops
• National or UK based business


  A business only set up in the UK or its cities, e.g. Morrisons
• Global or multinational business


  Businesses set up around the world, e.g. Starbucks or McDonalds
• Consumer


  Someone who uses the product but didn't purchase it, e.g. a TV
• Fixed costs are costs that do not change when a business changes its output. For example, rent or salaries 

  Variable costs are costs that change with output. For example, raw materials and utility bills.