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Work done by people to make a product
labor
the work that directly helps make the product
Direct labor
the work that supports the production but does not directly make the product
Indirect labor
The things used to make a product like wood for furniture or flour for bread
raw materials
Extra costs in a factory- like electricity- machines- and cleaning that help make products but are not part of the materials
Cargo factory
The point when a business makes enough money to cover its costs but does not make a profit or a loss
Breakeven
Money spent to make a product
costs
for materials and workers who make the product
Direct costs
for things like rent and electricity
Indirect costs
for making a product
costs
for running the business -like rent- marketing-and office supplies
Costs vs. Expenses:
Money a business pays for different things- like buying materials or paying workers
Disbursements:
the stock of products a business has
inventory
new items bought for the business
purchases
Costs for running the office- like salaries and supplies
Administrative expenses:
Costs for selling products like advertising
sales expenses
