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8 Cards in this Set

  • Front
  • Back

Direct costs

A cost that directly attributes to making a product I.e. materials

Indirect costs/overheads

Costs that do not directly go into making the product I.e. electricity for offices

Fixed costs

Costs that do not change with output I.e. salaries

Variable costs

Costs that change with the level of output I.e. materials

Total costs

Fixed costs + variable costs

Marginal costs

The cost of producing one more product

Average costs

Total cost ÷ output

Why it's calculated

- Accurate budgeting and forecasting


- to get an accurate selling price


- decide whether products are profitable or not