Fixed costs (overheads)	Variable costs	Total costs	Average cost	Total revenue
same no matter level of output	vary with output	cost over a period of time	cost of producing single unit	money from selling output
rent/ business rates/ advertising/ insurance/ interest	raw materials/ packaging/ fuel/ labour	Total fixed costs + Total variable costs	Total cost/ Quantity	Price X Quantity

Profit	Loss
Total revenue - total costs	Total costs - Total revenue
Price x Quantity - Average costs x Quantity	Average costs x Quantity - Price x Quantity
(Price - Average costs) x Quantity	(Average costs - Price) x Quantity