Students should be able to:
- understand the difference between variable costs, fixed costs and total costs
- understand the concept of revenue, costs, profit and loss
- understand the main investment projects that businesses undertake, including investment in new machinery, buildings and vehicles and be able to calculate the average rate of return for these projects
- understand the meaning of the term break-even output and interpret break-even charts
- identify the break-even level of output and margin of safety from a break-even chart
- evaluate the value of using break-even analysis to a business.
Complete lesson written by Sarah Hilton for Revisionstation
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