Question

Chapter 5 Ec9nomics Cost of production And Concept of Revenue​

Answer 1

Cost of production refers to the total cost incurred by a business to produce a specific quantity of a product or offer a service. Production costs may include things such as labor, raw materials, or consumable supplies. Revenue is the income or increase in net assets that an entity has from its normal activities. Commercial revenue may also be referred to as sales or as turnover. Some companies receive revenue from interest, royalties, or other fees.