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Explain the difference between price and cost.
Distinguish between fixed, variable, direct and indirect costs of production.
How are total costs calculated?
What is revenue and how is it calculated?
Explain, with the use of examples, the meaning of revenue streams.
Be A Critical Thinker...
Be A Critical Thinker...
Cost & Revenue are similar, yet slightly differ between Finance and in Economics.
Cost & Revenue are similar, yet slightly differ between Finance and in Economics.
In finance (this unit) we look at cost and revenue from an accounting perspective. In economics, we look at it from an economist perspective (adding opportunity cost).
A sound business management decision takes into consideration both.
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