What is Revenue? - Total value of sales made within a set period of time, e.g. a month, What are fixed costs? - Costs that do not vary just because output varies, e.g. rent, What is profit? - Difference between revenue and total costs – a negative figure means business is making a loss, What are variable costs? - Costs that vary as output varies, e.g. raw materials, What are total costs? - All costs for a set period of time, e.g. a month,

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