production

• profit: the difference between the revenue received from a sale of a good or service and the costs involved in making and/or selling the good
• production: the total output of goods and services produced by a firm or industry in a period of time
• productivity: one measure of the degree of efficiency in the use of factors of production in the production process
• average cost: the average cost per unit of production for a given level of output.
• total revenue: the total income of a firm from the sale of its goods or services
• average revenue: the revenue per unit sold
• loss: when a firm's revenue is less than its costs
• average cost=total cost/quantity
• total revenue=price x quantity
• average revenue = total revenue/quantity