Total costs
What Total costs means in Business GCSE, as defined for AQA, Pearson Edexcel.
Definitions of Total costs
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Reference: Pearson Edexcel
Fixed costs, which remain constant regardless of output, added to variable costs, which change with production levels.
The sum of fixed costs and total variable costs, where total variable costs are variable cost per unit × output.
Fixed costs + variable costs, where variable costs are variable cost per unit × quantity.
The full outlay for a period, calculated as fixed costs plus variable costs.
Fixed costs plus variable costs combined.
Topics that use Total costs
- Business planning (AQA GCSE)
- Financial terms and calculations (AQA GCSE)
- Business revenues, costs and profits (Pearson Edexcel GCSE)
Related terms
Using Total costs in the exam
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